Summit Accent Holdings, a Hong Kong-listed investor at the Tigre de Crystal Casino Resort (file photo) near Vladivostok, Russia’s Pacific port, said it expects first-half 2022 sales to grow 37% year-on-year. It added that it would help return to profit, compared with a loss of HK$8 million ($1 million) in the first six months of 2021.
The company expects profit for the six months ended June 30 to be “over about HK$123 million.”
Summit Accent made the announcement in a filing with the Hong Kong Stock Exchange on Friday. It added that it plans to release its interim results for the first half of 2022 on August 23.
The company is a subsidiary of Hong Kong-listed casino investor Sun City Group Holdings.
Summit Accent said it expects to post adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) of HK$60 million in the first half of 2022. The company recorded an adjusted EBITDA of HK$17 million in the prior year period.
“In addition to the positive cash flows from operating activities, the unexpected increase in the value of the Russian rouble in the six months to June 30, 2022, mainly results in circulating gains of HK$157 million,” Summit Ascension said.
The positive performance was “partially offset” by a loss of fair value for group derivatives of about HK$75 million and a loss of group financial assets of HK$36 million, it added.
In its latest filing, Summit Ascension cited the potential impact of operations from Russia’s invasion of Ukraine. The company said the Tigre de Crystal casino resort was “self-sustaining without bank borrowing,” but the company warned that “Western sanctions from the Russia-Ukraine conflict could cause significant long-term damage to the Russian economy and tourism industry.”
“The board has been closely monitoring market conditions, including possible geopolitical restructuring, supply disruptions and food and energy insecurity, and will continue to evaluate and make further announcements on the impact of [Russia-Ukraine conflict] on the group’s financial status and operations when needed and when needed,” Summit Ascent added 파칭코
Andrew Locai Bong, a senior executive at SunCity Group Holdings, acquired a controlling stake in the company in May. The acquisition gave him a dominant interest in Summit Accents.
Suncity Group Holdings and Summit Ascent were previously managed by Alvin Chau Check Wa, president of Macau-based privately owned junket brand Suncity Group.
Mr. Chow resigned as chairman and executive director of SunCity Group Holdings since December last year. This follows pre-trial detention in Macau on charges of membership in criminal groups, illegal gambling gangs for Chinese customers and money laundering.
Mr. Chow and other defendants related to the now-defunct Macau casino Junkit Sun City Group will face trial in Macau from September 2. This is based on the schedule posted on the website of the Macau First Court.