Tigre de Cristal Casino Resort’s Operator Considered for a $116 Million Sale

Monday, 15 January 2024

Oriental Regent Ltd, a vertical of the Hong Kong-listed Summit Ascent Holdings Ltd, is to sell its gaming and hotel operations in Russia. As reported, Oriental sells its wholly-owned subsidiary G1 Entertainment LLC to a Russian entity Dalnevostochniy Aktiv LLC for a price consideration of $116 million.

Tigre de Cristal Casino Resort

As GGRAsia reports, the acquisition of 100 % of shares of G1 Entertainment would enable the Russian company to control the Tigre de Cristal casino resort located near Vladivostok. At the same time, the sale of the Oriental’s property in Russia would significantly leverage the balance sheet of its parent Summit Ascent Holdings. The same source reports that the sales price of $116 million is to be paid in Chinese yuan.

Oriental Regent is a company 77.5% owned by the Summit Ascent Holdings. The Hong-Kong listed entity used its majority share to control the Tigre de Cristal casino facility run by Oriental Regent through the operator G1 Entertainment, under the gaming license granted to G1Entertainment by the Russian government, as GGRAsia reports.

Therefore the G1 sales deal may facilitate a smooth transition for Dalnevostochniy Aktiv LLC to immediately continue operations of the resort. On the other hand, Oriental Regent’s parent Summit Ascent would be able to use the respective proceeds of the expected $116 million sale to boost its balance sheet figures. According to the source, these figures declined in 2023.

 

source: worldcasinodirectory





Author: Editor

Share This Post On

Submit a Comment

Your email address will not be published.