Tigre de Cristal Casino Faces Potential Sale Amid Financial Struggles
The Tigre de Cristal casino resort in Russia’s far east may soon change hands. Owners Summit Ascent Holdings are considering a sale after years of financial struggles. A meeting led by LET Group Holdings chair Andrew Lo will discuss the next steps for the underperforming property. Tigre de Cristal opened in 2015 as the first casino in the Primorye area, a region designed to mimic the Las Vegas Strip. Developed by Melco Resorts and Entertainment, the project cost $170 million. Lawrence Ho, Melco’s chair, sold his majority stake in 2017 amid operational challenges.
The resort is one of only two casinos currently operating in Primorye, alongside Shambala, which launched in 2020. Both have halted their Phase 2 expansions. Despite the region attracting 3.1 million visitors in the first nine months of 2023, only 56,000 were foreign tourists.
Summit Ascent Holdings, a subsidiary of LET Group, now seeks a buyer. Western sanctions and weak performance have pushed the company toward a potential sale. Andrew Lo will oversee discussions on the best strategy for offloading the asset. The sale of Tigre de Cristal would mark another setback for Primorye’s ambitions as a gambling hub. With visitor numbers heavily reliant on domestic tourists, the region’s future as an international destination remains uncertain. The outcome of the upcoming meeting will determine the resort’s next chapter.
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