GGRAsia – Tigre de Cristal phase 2 to broaden non-gaming: regulator

Tigre de Cristal phase 2 to broaden non-gaming: regulator

Mar 26, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck

Phase two of the Tigre de Cristal casino resort (pictured) in the Russian Far East is to feature a variety of non-gaming attractions, according to its promoter Summit Ascent Holdings Ltd, as quoted in a release issued last week by the Primorsky Krai Development Corp.

Primorsky Krai Development is a government-owned company overseeing the Primorye Integrated Entertainment Zone, a casino development area located 50 kilometres (31 miles) from Russia’s Pacific port of Vladivostok.

Stylianos Tsifetakis, Summit Ascent’s acting chief operating officer for Russian operations, was quoted in the release as saying that the firm had “plans to create more entertainment facilities within the framework of the second phase” of Tigre de Cristal.

He reportedly stated: “This will be useful both for the development of the gambling zone, and for the social and economic development of the entire region.”

Mr Tsifetakis was also quoted as saying that Summit Ascent planned to have the project for the second phase of Tigre de Cristal ready for presentation to the local authorities later this summer. According to previous announcements, phase two of the project would have an aggregate of 500 extra rooms in two hotels, duty free shopping, a food court and extra gaming space.

Hong Kong-listed Summit Ascent said in a filing last week it expected to open the first stage of phase two of Tigre de Cristal for operations “in the latter half of 2019”. The firm said at the time it was “in the midst of finalising design and financing options so that we can commence construction.”

Phase one of Tigre de Cristal opened in autumn 2015. It features a casino, hotel accommodation, shops, a golf simulator and some restaurants and bars, according to its website. The resort is currently the only casino property in operation in the Primorye Integrated Entertainment Zone.

In its release, Primorsky Krai Development quoted Mr Tsifetakis as stating Summit Ascent was “considering the possibility of creating a golf club and a ski resort” as part of phase two of Tigre de Cristal.

“In addition, our new Taiwan shareholder plans to create one of the largest shopping centres in the Far East,” he reportedly added.

The “new Taiwan shareholder” was understood to be a reference to Taiwan-listed shipping operator First Steamship Co Ltd. The latter announced last December that it was acquiring a shareholding of 12.67 percent in Summit Ascent.

Quoted in the document, Igor Trofimov, interim general director of Primorsky Krai Development, said that an increase of non-gaming revenue at the Primorye Integrated Entertainment Zone would lead to higher tax revenue for the local government. The release noted that a profit tax of 20 percent was levied on non-gaming revenue at the zone.