Hong Kong-listed Summit Ascension Holdings, an investor in the Tigray de Crystal Casino Resort (pictured) in the Maritime Province near Russia's Pacific port of Vladivostok, confirmed on Tuesday that it turned to a loss of HK$16.1 million, or $2.1 million, in the first half of June 30, compared to HK$85.2 million a year earlier. It warned last week about currency exchange problems.
Tigred Crystal's revenue from gaming and hotel operations rose 2.3% Y/Y to HK$182 million. Gaming operations revenue for the period was HK$167.3 million, flat on HK$167.06 million in the first half of 2022.
The company also confirmed to the Hong Kong Stock Exchange that it "recognized an exchange loss of approximately HK$35.2 million due to fluctuations in the Russian ruble exchange rate, while recognizing an exchange loss of approximately HK$157.1 million in the first half of 2022."
In the first six months of this year, there was no dividend payment or proposal for the company's general shareholders.
Interest, taxes, depreciation and amortization of Tigred Crystal's full-year adjusted earnings (EBITDA) actually fell 5.0% year over year to HK$57 million.
Summit Ascension noted that the revenue generated by Tigred Crystal in the first half of last year was largely due to the business of Russian domestic customers.
The company also focused on the Russian consumer market and Russian supply chain and logistics in the first half of this year, noting that foreign tourism to the Russian Federation "collapsed from the beginning of 2022" amid the "ongoing Russia-Ukraine conflict."
Summit Ascension's gaming and hotel operations take place through a 77.5 percent stake in a company called Oriental Regent Ltd. The group also receives administrative expenses income calculated as 3 percent of the total net gaming revenue generated by G1 Entertainment LLC, a wholly owned subsidiary of Oriental Regent. G1 Entertainment holds a gaming license for Tigre de Cristal granted by the Russian government.
BY: 파워볼사이트