Suncity acquires more of Summit Ascent, setting up Russian expansion

Suncity Group continues on its path to build a more global company. The Macau casino junket company has bought an equity position of Summit Ascent Holdings Ltd, reports GGRAsia.

Previously, Suncity already owned a 3.29% stake in Summit Ascent. No word yet on how much more they’ve bought into the company. They announced, “Suncity Group Holdings has successfully acquired partial stakes of Summit Ascent and will participate in the second phase of Tigre de Cristal Resort and Casino in Russia.”

Summit Ascent operates the Tigre de Cristal casino nearby Russia’s east port city of Vladivostok. The casino is just 31 miles from the city, and is promoted by Primorsky Krai Development Corp, a government-owned tourism company.

Summit Ascent has their corporate headquarters in Hong Kong, immediately next door to Suncity. Being that close, it must have been nice to save on transportation costs and avoid traffic to negotiate the deal.