Summit Ascent Holdings, the promoter of the Tigred Crystal Casino Resort (pictured) in Vladivostok, Russia, said gaming and hotel sales fell 60.4%, bringing its 2020 profit down 87.8% year-over-year.

Profit was HK$10 million ($1.29 million) versus HK$82 million in 2019. Revenue in 2020 was HK$212.2 million versus HK$532.8 million.

The Company has not paid or offered dividends for the period ended December 31, 2020 and 2019, and "has not offered dividends since the end of the reporting period.

The decline in sales in 2020 was "particularly due to the negative impact of the COVID-19 pandemic, when the integrated resort ceased operations from March 28 to July 15, 2020," the company said in a filing with the Hong Kong Exchange on Tuesday.

Game operating revenue in 2020 was HK$222.9 million, down 57.9% from HK$482.2 million in 2019.

Revenue from hotel operations fell 83.6% year-over-year to HK$8.3 million in 2020, reaching HK$50.6 million year-over-year.

The group posted a negative adjusted profit (EBITDA) before interest, taxation, depreciation and amortization in 2020, compared to a positive adjusted EBITDA of HK$214.8 million in 2019.

Despite negative EBITDA in 2020, Summit Ascent Chairman Alvin Chauchukwa, who is also president of Hong Kong-listed Sun City Group Holdings, said in a commentary that he was "delighted to report a silver lining" on Russia's operations.

Since Tigred Crystal reopened in mid-July, "we not only achieved break-even on a month-to-month basis, but also delivered a slightly positive adjusted EBITDA in the second half of 2020 driven by strong local demand for high-quality entertainment and hospitality services."

The chairman also noted that electronic gaming and bulk table volumes are "almost back" to pre-pandemic levels, suggesting, "The Tigre de Crystal confirms my belief that Summit Ascension is worth investing in the long term, as it is an integrated resort well-loved by both local and tourist Russians."

In November 2020, Summit Ascent acquired an additional stake and increased its stake in Tigred Crystal from 60% to 77.5%, it said in a filing on Tuesday.

BY: 에볼루션 바카라사이트