Tigred Crystal Step 2 to Expand Out-of-Game Areas

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Phase 2 of the Tigred de Crystal Casino resort in Russia's Far East (pictured) plans to showcase a range of non-gaming attractions, Summit Ascent Holdings said in a release from the Primorsky Development Corporation last week.

Primorsky Development is a government-owned company overseeing the integrated entertainment zone in Primorsky Krai, a casino development area 50 km (31 miles) from the Russian Pacific port of Vladivostok.

The company plans to "create more entertainment facilities within the framework of Phase 2" of Tigre de Crystal, said Stylianos Tippetakis, Summit Ascent's chief operating officer of Russia, in the release.

He said, "This will be useful both for the development of gambling areas and for the social and economic development of the entire region."

Chippetakis was also quoted as saying that Summit Ascension plans to prepare the second phase of the Tigre de Crystal project for presentation to local authorities later this summer. According to a previous announcement, the second phase of the project will have a total of 500 additional rooms in two hotels, duty-free shopping, food courts and additional gaming spaces.

Hong Kong-listed Summit Ascent said in a filing last week that it expected to activate the first phase of Tigred Crystal's Phase 2 phase in "the second half of 2019." The company said at the time that it was "completing design and financing options to allow construction to begin."

The first phase of Tigred Crystal opened in the fall of 2015. The resort features a casino, hotel accommodation, shops, golf simulators, and some restaurants and bars, according to its website. The resort is currently the only casino facility operating in the coastal integrated entertainment district.

Primorsky Krai Development quoted Mr Chippetakis as saying in the announcement that Summit Accent was "considering the possibility of creating golf clubs and ski resorts" as part of Tigre de Crystal's second phase of business.

"Also, our new Taiwanese shareholder plans to create one of the largest shopping centers in the Far East," he added.

"New Taiwanese shareholders" are understood to refer to Taiwan-listed shipping company First Steamship Co Ltd. The latter announced in December last year that it would acquire a 12.67% stake in Summit Ascent.

Citing the document, Igor Trofimov, interim general manager of Primorye Integrated Entertainment Zones, said the increase in non-gaming revenue at Primorye Integrated Entertainment Zones would lead to higher tax revenues for local governments. The data noted a 20% revenue tax was levied on non-gaming revenue at Primorye Integrated Entertainment Zones.

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