Summit Ascent Holdings has announced Suncity Group boss Alvin Chau as its new Chairman of the Board.
Chau’s appointment follows Suncity’s recent acquisition of a controlling 27.95% stake in Summit Ascent, which owns and operates Russian integrated resort Tigre de Cristal in the Primorye gaming zone near Vladivostok.
The 45-year-old joins Suncity’s Executive Director and Chief Investment Officer, Andrew Lo, who was named Deputy Chairman of Summit Ascent in April, and Lo’s brother-in-law Chiu King Yan who was named an Executive Director at the same time.
Summit Ascent also announced on Friday that Suncity CFO Philip Wong had been appointed as a Non-Executive Director.
Suncity, which acquired an initial 3.29% stake late last year, became the Russian IR operator’s largest shareholder in April after purchasing a 24.66% stake from Taiwan’s First Steamship Co Ltd. It has since promised to bolster VIP play at Tigre de Cristal with Union Gaming analyst Grant Govertsen recently predicting a 250% increase in VIP volume by 2020.
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