Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Stay Pausing InvestmentsSummit Ascent is a subsidiary of LET Group Holdings Limited (“LET Group”, HKEx stock code: 1383), which owns 69.66% of Summit Ascent. Summit Ascent holds 77.5% in Tigre de Cristal, currently one of the largest integrated resorts located in the Primorye Integrated Entertainment Zone of the Russian Far East.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Stay Pausing InvestmentsOriental Regent Ltd, a subsidiary of Hong Kong-listed Summit Ascent Holdings Ltd, is set to sell its gaming and hotel operations in Russia. The wholly-owned subsidiary, G1 Entertainment LLC, is being sold to Russian entity Dalnevostochniy Aktiv LLC for a price consideration of $116 million. Summit Ascent expects to record a profit of US$5 million in FY24 on improved performance at its Russian casinos. The performance improvement was driven by a 12% increase in gaming and hotel revenue to HK$414.5 million (US$51.8 million) at its Russian integrated resort, Tigre de Cristal.