The long-time Chief Operating Officer of Russia’s Tigre de Cristal, Stelios Tsifetakis, has announced his departure from the casino resort.
Tsifetakis revealed via a social media post that he is stepping down as COO of G1 Entertainment, the operating entity of Tigre de Cristal, after 11 years to look for “new opportunities”
G1 Entertainment is wholly-owned by Oriental Regent Ltd, which counts Hong Kong-listed Summit Ascent Holdings as its majority owner with a 77.5% stake. Summit Ascent is controlled by LET Group, formerly known as Suncity Group, under the leadership of Andrew Lo.
Lo famously tried to sell the group’s stake in Oriental Regent to a local Russian company in early 2024 before the transaction fell through. He was later found to be unsuitable to be a director of either LET Group or Summit Ascent by the Hong Kong Stock Exchange because his attempted sale of Oriental Regent was done without following required processes and specifically a requirement to obtain shareholder approval.
Summit Ascent had previously announced plans for a Phase II expansion of Tigre de Cristal centered around VIP facilities but the development was put on hold in 2022 due to uncertainty around the Russia-Ukraine conflict.
In announcing his departure, Tsifetakis said, “We faced a number of challenges but at the same time we had exceptional success and international recognition as the best hotel and casino in our region.
“I would like to thank my team members who stood by my side and assisted me in making Tigre De Cristal the successful company which it is today.”
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