Local Russian demand for entertainment and recreation has flourished, while development of the Primorye IEZ is faster than ever

by | Oct 25, 2021 | Golf Resorts

HONG KONG, Oct. 25, 2021 / PRNewswire / – Mr. Stylianos Tsifetakis, Chief Operating Officer of Crystal tiger, stressed that there was an extraordinary demand for local entertainment from the Russians in. saw Crystal tiger in a recent update on business operations, about an interview with Asian Gaming Brief. Crystal tiger is the integrated Russian resort controlled by Summit Ascent Holdings Limited (“Summit Ascent”, the “Group” or the “Company”, HKEx code: 102).

During the operational update, Mr. Tsifetakis, COO of Crystal tiger, said: “We never stop remodeling Crystal tiger to keep it going. This year we introduced a number of different slot machines to expand our product range. Game tax in Russia has also been reduced due to COVID, we have more slot machines on the floor. We are seeing positive reactions from people and we can see our earnings increase month to month to pre-COVID levels, if not; better. This is very positive news for us considering there is currently a second casino in the area. Instead of losing market share; on the contrary, we are gaining more market share, which we consider to be very successful. “

Mr. Tsifetakis also stated that the team in Crystal tiger has adapted to COVID and very well. Before COVID, over 90 percent of hotel rooms were in Crystal tiger foreign visitors were catered for. When COVID arrived to serve the local Russian market, Cristal’s tiger The team updated their website and marketing campaigns to attract locals rather than their usual tourist-centric approach. Now he was thrilled that the effort was worth it – on the weekends, the demand from local Russians practically filled the hotel to full capacity thanks to the team’s ability to adapt quickly. In the update, Mr. Tsifetakis noted that the most popular mass game level games these days are Russian Poker, a variant of poker only available in the local Russian market, followed by Roulette and Blackjack. Slot machines have always been popular with the locals, and the team has brought more slot machines to market to meet local demand.

The story goes on

The Primorye Integrated Entertainment Zone (“IEZ Primorye”) has been developing rapidly lately, and more and more investors have announced that they are coming on board. Primorsky Krai Development Corporation’s goal was to promote and develop IEZ Primorye from global investors to create a world-class modern entertainment area and increase investment in this area. The company wants to create over 20,000 local jobs, a total of 7,000 hotel rooms with over $ 2.8 billion Total investment that brings over 8 million tourists to Primorye IEZ every year. IEZ Primorye is only 15 minutes by car from Vladivostok International airport with easy access within a 2 hour flight radius of major feeder markets such as South Korea, Japan and northeastern provinces. Taiwan and Hong Kong are within a flight radius of 4 hours.

According to the latest local Russian media reports Crystal tiger leads the group of the other 5 integrated resort developments in IEZ Primorye as four more are still under construction while only one new casino has opened nearby Crystal tiger is located. However, Mr Tsifetakis noted in the update that the business is in Crystal tiger is better than before and has returned to pre-COVID levels. He didn’t see the additional casinos as competition; Rather, he saw them as key players coming onto the market to make the entire IEZ Primorye more attractive than before. He noted that in the announcements made during the recent Far East Economic Forum, two other major players announced that they would come on board in the Primorye IEZ. Not only do they aim to build new hotels and casinos, but they also build theme parks, golf resorts, etc. Mr. Tsifetakis believed this was very exciting because by then Vladivostoks Tourism will not only be limited to attracting domestic Russian tourists, but will also become an international tourist destination for the north of Asia.

In the update, Mr. Tsifetakis gave a glimpse of what the play-free amenities of Tigre de Cristal Phase II will look like. When Phase II is completed, the total number of hotel rooms will triple from today to over 400 because one of the biggest bottlenecks in the region has been that there were not enough hotel rooms, but the demand for rooms and entertainment has been undersupplied, as has been observed in almost fully occupied rooms in Crystal tiger over the weekends. Mr Tsifetakis indicated that Phase II will have a multi-story complex indoor swimming pool, a rarity in the Far East, where the tropical summer by the sea could be enjoyed in the snowy winters in Far Eastern Russian territory. This is combined with electrifying pool parties, which for the first time bring year-round pool party fun to the Far East.

Mr. Tsifetakis also spoke about the recent additional interest from Russian investors in developing integrated resorts, casinos and golf courses in the region. Investors are now building golf courses just 5 minutes away Crystal tigerwhile the second is only 10 minutes away. In addition to playing golf, Mr Tsifetakis said that visitors can ski in the winter as well, as two nearby ski resorts are 20 to 40 minutes’ drive away Crystal tiger.

Mr. Tsifetakis ended the update with a positive outlook for the future. Given that the boundaries between Russia and the main feeder markets are practically closed, but he has many inquiries from Japan, South Korea, Taiwan and Hong Kong for groups that are coming soon. One of the biggest weaknesses he observed was that there were currently direct flights going into Japan and South Korea from Vladivostok International Airport; the flights are mainly for business people and upon return the visitor would have to be quarantined in their home country. He was optimistic that once the quarantine measures were lifted, there would be a back-and-forth between these countries, and by then he expected the sales dynamics to shift, with gross foreign gambling revenues shifting back to over 70 percent that of local ones Gross Gaming Income. Mr Tsifetakis believed that IEZ Primorye will be a fully-fledged integrated Asian resort by 2025, as by then other competitors in ICE Primorye would have come on board and Tigre de Cristal Phase II would have been in full swing.

Summit Ascent is also in terms of long-term growth from Crystal tiger, given Vladivostok presents itself as one of the gambling jurisdictions with the lowest gambling tax in the world; the resilience this market has shown during COVID as local Russians have access to the casino; as well as its low operating costs and low investment costs. All of these factors taken together result in Crystal tiger could be one of the highest yielding properties in the gaming industry in. will Asia. With the full support of Summit Ascent’s parent company, Suncity, Crystal tiger have full access to Suncity’s proprietary customer database. As of this business update, the Suncity Premium room is in Crystal tiger is not yet operational due to COVID border restrictions.

A video of the full operational update from Mr. Tsifetakis can be found on the Asia Gaming Brief website at: https://agbrief.com/2021/10/local-demand-propels-tigre-de-cristal-revenue-to-pre -covid -level /

About Summit Ascent Holdings Limited (HKEx stock code: 102)

Summit Ascent Holdings Limited (“Summit Ascent”) is a subsidiary of Suncity Group Holdings Limited (“Suncity”, HKEx: 1383). Summit Ascent holds 77.5% in Crystal tiger, currently the largest integrated resort in the Primorye integrated entertainment zone of the Russian Far East. Halfway from that Vladivostok International airport to Vladivostok City, the administrative center of the Russian Far East, Crystal tiger is geographically ideally located in the heart of Northeast Asia.

Summit Ascent holds a gaming license issued by the Russian government for an indefinite period of time and Crystal tiger has been open for business since the end of 2015 and offers a wide range of gaming options around the clock. Crystal tiger was named as a five-star hotel with retail offerings, dining options, private club and “Of Russia Leading Resort “from World Travel Awards.

Summit Ascent is a member of the MSCI Hong Kong Micro Cap Index. You can find more information about climbing the summit at https://www.saholdings.com.hk/eng/

SOURCE Summit Ascent Holdings Limited