Due to a number of "economic uncertainties," the $200 million extension of the Tigre De Cristal development by Asian casino operator Summit Ascent Holdings Limited has allegedly been delayed to "no earlier than 2025."

The 121-room property is located in the Primorye Integrated Entertainment Resort zone. According to a report from GGRAsia, the Hong Kong-listed company used an official Tuesday filing to declare that these concerns about the property include "the continual negative impact of the coronavirus pandemic, particularly restrictions on international travel," as well as the "aggressively escalating economic sanctions" against Russia following that country's recent invasion of Ukraine.

Stunning intentions:

Tigre De Cristal, which cost over $175 million to build and opened in October 2015, is situated around 31 miles north of Vladivostok. It has a 77,500 square foot casino with over 300 slot machines and 10 gaming tables. The Russian facility was reportedly still planning to open its second-phase expansion for more hotel rooms, restaurants, and retail elements along with an indoor beach club and spa by the end of next year despite being forced to close for more than 15 weeks in 2020 due to the dangers of the coronavirus pandemic.

Specific environment

Additionally, according to reports, Summit Ascent Holdings Limited said that its Tigre De Cristal venue is still operating despite the increasing sanctions on Russia and is "self-sustaining without any bank borrowings." The operator further went on to say that the value of the rouble has just "plummeted to a record low" and that this devaluation threatened "to stoke inflation," which is already at over 20%, according to the source.

Apparently read Summit Ascent Holdings Limited's filing

We will need to adapt our business practises to the realities of a volatile market and look for methods to operate under any resulting additional restrictions. These consist of, but are not limited to, the payment platform for additional capital investments for Tigre De Cristal's second phase, loan repayment and dividend repatriation to our parent companies in Hong Kong, settlements with international clients, suppliers, and service providers, as well as the increased operating costs brought on by inflation and supply-chain disruptions.

Financial vulnerabilty

In addition, Summit Ascent Holdings Limited allegedly disclosed that it had had a net loss of around $29.4 million for 2021 after recording a profit of about $1.3 million the year before. The company's most recent yearly gross gaming revenues, however, were later revealed to have climbed by an amazing 106.4% to just under $2.2 million, while hotel receipts had increased by a respectable 22.4% year over year to just under $31.7 million.

Optimistic operator

Keeping up the good news, Summit Assent Holdings Limited reported that its earnings before interest, tax, depreciation, and amortisation for 2021 had increased by approximately 378% year over year to sit at $5.2 million, largely due to local interest 'as the number of foreigners visiting our property dropped significantly' due to 'various travel restrictions and quarantine measures.'

According to reports, the filing was made by Summit Ascent Holdings Limited.

"The increase was also partially attributable to the base effect as Tigre De Cristal's gaming operations were suspended for about three months in the second quarter of 2020 in accordance with the appropriate measures recommended by the Russian government."