Russia’s Tigre de Cristal casino lost $11.5m in the first half of 2020 as COVID-19 kept its doors locked and its tables empty.  

On Monday, Summit Ascent Holdings reported that the Tigre de Cristal casino in Russia’s far east Primorye gaming zone generated revenue in the six months ending June 30 of just HK$96m (US$12.4m), down 62.6% from the year before. The casino booked an earnings loss of HK$22.1m and a net loss of HK$89m versus a HK$55.4m profit in H1 2019.

Tigre de Cristal shut its doors in late-March as COVID-19 began to spread across Russia. The property didn’t reopen until mid-July, and international travel restrictions have put a lid on the geographically isolated casino’s traditional mix of customers from China, South Korea and Japan, leaving it entirely reliant on local mass market customers.

Tigre de Cristal booked total gaming revenue of HK$92.3m in H1, of which the locals-focused slots segment claimed the largest slice (HK$41.2m, -54.4%). Mass market tables fell 56.7% to HK$33.5m while VIP table revenue slid nearly three-quarters to HK$17.5m. Hotel operations fell even harder, down 82% to just HK$3.7m.