Ho’s Russian casino project moves HQ

Summit Ascent, operator of the Tigre de Cristal hotel and casino in Vladivostok, Russia has announced a change in its principal place of business, in a filing with the Hong Kong Stock Exchange yesterday. The headquarters, formerly located on the 6th Floor of Victoria Centre on Watson Road in the North Point area of Hong Kong will switch to a new location on the 37th Floor of The Centriumon on Wyndham Street in Hong Kong’s Central district.
Summit Ascent holds 60 per cent of the gaming and hotel operations for the Russian casino, which test launched in October of last year and held its grand opening on November 11. According to their annual report the group saw a HK$85.4 million loss for the 2015 year, while generating an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of HK$14.3 million. According to the report the group hopes to be ‘running at close to optimal levels[…] sometime during the summer of 2016’ on the project chairman Lawrence Ho calls “the largest integrated resort ever built in the Russia Federation”.