Casino in Primorye Gambling Zone Suffered Huge Losses
As journalists learned, the Primorye gambling zone suffered colossal losses in 2020. The revenue of the Tigre de Cristal casino, which is managed by Summit Ascent Holdings Ltd, fell by almost 88% last year. This is due to the lockdown that lasted most of last year not only in Vladivostok, but throughout the world. Tourists from Southeast Asia and China, who were traditional clients of the casino, could not get into it in 2021. The same situation was with domestic gambling clients.
Last year, the Hong Kong operator that runs the Tigre de Cristal casino made a profit of $1.29 billion. In the previous year, 2019, it was $10.5 billion. In 2020, the casino was closed from March 28 to July 15. Even after reopening, the club was visited in a limited mode. As a result, the revenue of the gaming halls was 56% less than for the same period in 2019.
It was not only the gambling business that suffered. The profit of the hotels managed by the operator also fell sharply (by 83%). The total revenue received from tourists amounted to $ 1.06 million, while in 2019 it was much higher - $ 6.5 million. However, the owners of the gambling business and related infrastructure are not despairing. According to the company's management, the Russian gambling market is recovering at a rapid pace. Currently, Tigre de Cristal's monthly indicators are very optimistic. Break-even is shown, which is a rarity for land-based casinos today. The operator is confident that a significant plus will be shown by the end of the year. Naturally, if the pandemic does not make its adjustments to these plans.
