Tigre de Cristal posted a rise in net income from January to September
The Tigred Crystal Casino Resort (pictured) in Russia's Far East Maritime Integrated Entertainment Zone (IEZ) saw a rise in after-tax net profit and a rise in public market customers in the first quarter of this year, according to casino project investor Taiwan Pirich Enterprises Limited.
Summit Ascent Holdings, the resort's main promoter, only reports six-month earnings per Hong Kong Stock Exchange rules. Summit Ascent submitted its interim results for September through June 30 of the calendar year.
Summit Accent's own results do not exactly match Tigred Crystal's business performance. Summit Accent's gaming and hotel operations are carried out through a 60% stake in a subsidiary called Oriental Regent Ltd.
Tigre de Cristal's revenue came in at $42 million in the first quarter of this year, down from $43 million a year earlier, according to Firich. However, its net profit after real estate in the first quarter of this year came in at $6 million, up from $4 million a year earlier, according to Firich.
The figures, cited by Chinese-language outlet Taiwan InfoTimes, were presented by Pirich's management at an investor briefing on Thursday. Taiwan-listed Pirich is primarily a manufacturer and seller of point-of-sale technology but also has a stake in Oriental Regents.
Tigre de Crystal Real Estate attracted 238,005 "large market customers" in the first quarter of this year, up from the 219,233 total visitors welcomed in the previous year, Pirich said after Thursday's briefing, as cited by Infotimes.
Pirich also reportedly said the second phase of the design of the Tigred Crystal Casino Resort is in the "final stage." Once the second phase is completed, the size of the entire casino project will be "tripling" thanks to more hotel rooms, leisure facilities and gaming space.
Summit Ascent previously mentioned that Phase 2 Phase 1 will invest between US$250-300 million and add hotel rooms, gaming venues, conference spaces and restaurants, and large shopping malls. The company is aiming to open in late 2020 or early 2021. The full Phase 2 price tag is said to be US$500 million.
Firich and its wholly owned subsidiary TIGA Gaming Inc. (later slot machine maker) will "reinstall" its gaming console products on Tigre de Cristal following the continued growth of its real estate gaming operations, according to an InfoTimes report. In addition, Taiwan-based TIGA Gaming had slot products on Tigre de Cristal in the early days of its real estate.
Fitch is currently also in talks with Greek game supplier Intralot SA regarding a sports betting venture in the United States, according to Taiwanese media reports.
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