Hong Kong billionaire Lawrence Ho, chairman of Melco Crown Entertainment Ltd, controls Summit Ascent.

Tigre de Cristal's first-month monthly rolling chip sales of HK$258 million, the company said. This increased to HK$2 billion during July 2016 and further increased to HK$2.2 billion in August 2016. Summit Accent corporate finance and strategy director Eric Landheer believes the strong growth is the result of the company's efforts to sign contracts with two new Macau junket operators in June and increase existing junket operators, according to a report to GGRASIA.

Summit Ascent has targeted the Northeast Asian market not too far from the Maritime Unified Entertainment Zone, designated as a site for casino developers by the Russian government and has so far issued four casino licenses, but Tigre de Cristal Casino is the only casino currently opening in the Maritime Province, taking full advantage of its lack of competition.

The first phase of the Tigre de Cristal included the opening of a 121-room hotel and by operating in casinos, the hotel's occupancy rate remained close to 100%. There are over 300 million Asian customers who can fly to the casino in three hours. Nearly 130 million of these customers live in North China.

In a statement to Asian gambling industry news media, Landheer said, "The current plan is to open part of Phase 2 in the second half of 2019 and the rest in about a year. We want to maximize opportunities without creating excess capacity before there is demand. I don't think we necessarily support the philosophy of "Build it" and they'll come. We think it's a potentially valid philosophy depending on the market in which it operates, but we continue to be measured and cautious in our expansion approach."

Landheer did not elaborate on how revenues and expenses were classified at Tigre de Cristal, but confirmed that approximately 25-30% of revenue comes from the VIP gaming segment and returns continue to remain attractive. Landheer said another reason for the casino's performance was because it did not provide credit facilities to Junket operators to minimize risk.

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