Summit Ascent Holdings and its parent company LET Group reported a 64.7% increase in revenue to HK$312.9 million (US$40.1 million) in the first six months of 2025, aided by the improved performance of their Russian integrated resort Tigre de Cristal and contributions from its newly launched trading business.
Adjusted EBITDA also showed very slight growth in climbing to HK$67.8 million (US$8.7 million) while profit attributable to owners of the company grew by 29.6% to HK$202.9 million (US$26.0 million).
On their final day of trading before the shares of both companies are officially delisted from 9am Monday for failing to satisfy resumption guidance, LET Group and Summit Ascent detailed improvements at Tigre de Cristal – the Russian IR that group chairman Andrew Lo has been looking to sell since early 2024.
Tigre de Cristal saw growth across all gaming segments, with GGR of HK$246.9 million (US$31.7 million) including rolling chip GGR of HK$8.70 million (US$1.1 million) versus no rolling chip GGR a year earlier, mass table GGR of HK$147.7 million (US$18.9 million) versus HK$139.0 million in 1H24 and electronic gaming GGR of HK$90.4 million (US$11.6 million) compared with HK$81.9 million (US$40.1 million). Hotel revenue rose by 1.2% to HK$17.6 million (US$2.3 million).
The group also reported revenue from its new trading business of HK$100.1 million (US$12.8 million).
“Leveraging our procurement experience and advantages in the Russian Federation over past decade, the Group is commencing its trading business to export agricultural and industrial products from the country,” it explained.
“Although the results in the first six months of 2025 were not promising, they have strengthened our relationships and network with local suppliers, enhancing our overall awareness.”
On the progress of Tigre de Cristal, which has been hit hard by the economic impact of the Russia-Ukraine conflict and subsequent border restrictions, the group said, “In response to the unprecedented challenges in the business environment, Tigre de Cristal is strategically focusing on the domestic market. This includes renovating the fine dining restaurant CASCADE and redesigning the rebate programs for the mass market. These initiatives aim to enhance customer experience and engagement.
“The domestic market has shown steady growth, reflecting resilience amidst current circumstances. By prioritizing these efforts, Tigre de Cristal is well-positioned to adapt and thrive in this evolving landscape.
“While the Russia-Ukraine conflict persists, there is a widespread belief that it will eventually come to an end. As we navigate this landscape, it is essential to remain adaptable and responsive to the changing situation. We will actively seek opportunities to support domestic tourism and prepare for future recovery as conditions improve.”
LET Group has over the past 18 months focused its energies on its US$1.25 billion casino-resort development, LETX, in Manila’s Entertainment City, however IAG understands the group is nearing an arrangement with Newport World Resorts operator Travellers International Hotel Group that would see Travellers take a controlling and operational interest in the project.
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