Hong Kong-listed investor Summit Holdings has announced it expects the Tigre de Cristal casino resort in Vladivostok to return to profit in H1 2022, after reporting a loss of HKD$8m (£1m) for H1 2021.
The investor believes the casino will see a 37% increase on 2021, meaning reported approximate revenue will total HKD$123m ($15m) – enough to push the casino back into profit. While the adjusted EBITDA will increase from HKD$17m ($2m) for H1 2021, to around HKD$60m ($7.6) for H1 2022.
However, despite the news, Summit Ascent caveated the results by saying: “Although the Group’s integrated resort Tigre de Cristal is operating in the Russian Far East and has been self-sustaining without any bank borrowings, the Western sanctions resulting from the Russia-Ukraine conflict may cause significant long-term damage to the Russian economy.”
Sportsbet still riding high
Sportsbet has announced a 5% increase for H1 2022, continuing the Australian sportsbook operator’s strong trend of revenue over the past year – as it reported a total of $743m for the first six months of the year.
Flutter, the parent company for Sportsbet, said after posting the fiscal results: “Sportsbet delivered another strong performance, once again demonstrating excellent execution across product, value and brand.”
It added: “Following significant retail restrictions in H2 2021, we focused on retaining customers through targeted generosity initiatives ahead of the new AFL and NRL season in H1.”
"Western sanctions resulting from the Russia-Ukraine conflict may cause significant long-term damage to the Russian economy" Summit Ascent
Success Universe expects profits to crumble in H1 report
