Suncity Group has confirmed acquisition of approximately 24.68% equity interest in Summit Ascent Holdings limited, which operates the Tigre de Cristal casino in Russia, the only casino currently active in Russia’s Primorye gaming zone outside Vladivostok.
According to the information published on Suncity Group’s website, the company aims to increase its investment in tourism related property projects regions other than China, among which, the company believes that Russia is a favorable place for investment. Based on publicly available information, Russia was in the top three (after United Kingdom and France) most popular European travel destinations for Chinese tourists in 2018. In 2017, nearly 1.8 million Chinese citizens travelled to Russia.
Tourism in the Primorye region has grown significantly in recent years with visitors from neighboring countries China, South Korea and Japan. The Primorsky Krai Department of Tourism has continued to expand its marketing efforts, and there are more direct flights from those areas over the past few years.
Moreover, development of Phase II of the Tiger de Cristal project is planned, and it is the right time for the Suncity Group to increase its stake in the Summit Ascent such that the company can have more influence on the development of Phase II. The management team of the company has vast experience in development of integrated resorts with casino.
It is worth noting that two more projects are under development in Primorye. Nagacorp plans to open its Naga Vladivostok casino either late this year or early next year. Diamond Fortune Holdings’ Imperial resort is scheduled for 2020.