The acquisition led Suncity to own almost 70% of Summit Ascent. Chau lost his stake in Suncity \u2013 and Suncity lost a source of funds \u2013 when the disgraced executive failed to repay a loan to lenders.<\/p>\n
Tigre de Cristal isn’t likely sitting in a good place financially. It closed in 2020 because of COVID-19 and has had difficulty finding solid ground after reopening last year.<\/p>\n
As a result of the issues it has experienced, Summit Ascent is not in a good spot financially. It apparently has money saved somewhere, since it says it doesn’t need financial assistance. But its losses are mounting.<\/p>\n
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The company is putting together its updated financial health report, which will be released soon. However, in explaining its current stance on Tigre de Cristal, it provided some details. It expects to take a loss of at least HKD273.8 million (US$35.0 million) for 2021, representing a worsening position. The amount is wider than previous expectations by almost 473%.<\/p>\n<\/div>\n
The loss is a result of hits the company has taken on certain financial instruments, as well as an impairment tied to “property right and equipment.” The loss attributed to the derivatives is around HKD149.1 million (US$19.06 million), while the impairment is HKD136.9 million (US$17.5 million).<\/p>\n
The weaker performance comes even as Summit Ascent improved its EBITDA (earnings before interest, taxes, depreciation and amortization) last year. It had a negative EBITDA of HKD14.7 million (US$1.88 million) in 2020, but reversed that and will report an EBITDA of around HKD40.9 million (US$5.23 million) for 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summit Ascent understands that Russia is completely unstable right now. However, it is confident that its Tigre de Cristal resort will successfully navigate the situation and emerge strong. Russia’s invasion of Ukraine, according to many analysts, will have an impact on the global economy for years. Domestically, the fallout could be much worse, as sanctions […]<\/p>\n","protected":false},"author":64,"featured_media":205573,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62],"tags":[],"acf":[],"yoast_head":"\n
Summit Ascent Optimistic on Tigre de Cristal despite Russia's Declining Economy - Casino.org<\/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