But five years later, and Tigre has been joined by only one other resort. Casino Shambhala opened last fall. A third resort — Naga Vladivostok — remains under construction.<\/p>\n
Russia’s gaming zone is some 20 miles by air north of the Vladivostok port. The casinos are roughly a 40-minute drive north of the city, and 20 minutes from the city’s international airport.<\/p>\n
Summit Ascent is bullish on Russia’s still largely undeveloped gaming region. If Japan limits its IR projects, that could spur further development in Vladivostok, the Tigre de Cristal owner believes. Summit is also confident regarding locals spurring gaming and hospitality revenue.<\/p>\n
\nAs vaccination rates in the country continue to be improved, it is less likely that mandatory closure of the integrated resorts will be required again. Therefore, we believe that the worst-case scenario affected by the pandemic has already passed,” the Summit statement detailed.<\/p>\n<\/blockquote>\n
Summit Ascent reported that gross gaming revenue in the first six months of 2021 grew nine percent from 2020 to $17.9 million. Mass market — aka the general public — was cited for the uptick. Hotel room sales surged 82 percent to $860,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Russia casino operator Summit Ascent Holdings told investors during its first-half 2021 earnings report this week that Japan’s fluttering integrated resort (IR) development process could help its business in Vladivostok. Summit Ascent, a subsidiary of Suncity Group — Hong Kong billionaire Alvin Chau’s casino empire — is heavily invested in Russia’s Far East. The company […]<\/p>\n","protected":false},"author":25,"featured_media":183891,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,33810],"tags":[],"acf":[],"yoast_head":"\n
Russia Casino Operator Optimistic Japan IR Unease Will Help Vladivostok<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n