Summit Ascent Holdings, one of Hong Kong’s gambling-related listed companies, recently said it plans to increase its stake in Suntrust Resort Holdings, a casino developer in the Philippines, as it seeks to diversify its business.
Summit Ascension Holdings' Russian casinos have seen performance decline due to the war in Ukraine, causing the company's revenue and profits to fall in the first half of the year compared with the same period last year.
Summit Ascent Holdings decided to enter the Philippines casino industry to diversify its revenue sources. Suntrust Resort Holdings is building an $110 billion casino resort project in Manila.
Summit Ascension Holdings noted that the Philippines is one of the fastest growing gaming markets in Asia, which is in line with the company's goal of diversifying its business.
Suntrust's convertible bond deal gave Kaisheng Holdings a partial stake.The project is scheduled to open in 2024, at which time Kaisheng Holdings will be able to further convert it into equity.
Summit Ascension Holdings is considering developing a seaside resort project in Japan. According to industry analysts, these moves will help the company expand its business in the Asian market.
Triumph Holdings also announced it was suspending its Russian casino expansion plans until the geopolitical environment improves.
