Casino operator Summit Ascent Holdings saw its profits soar in 2019 despite a comparatively modest increase in revenue at its Tigre de Cristal casino in the Primorye gaming zone outside Vladivostok, Russia.

Figures released Monday show the Hong Kong-listed Summit Ascent reported its revenue hitting HK$532.8m (US$67.8m) in 2019, a 15% rise over 2018’s result. Adjusted earnings attributable to Oriental Regent Ltd, the 60%-owned subsidiary that operates Tigre de Cristal, rose 18% to HK$214.8m while profit soared to HK$82m from just HK$7.6m the previous year.

The profit surge came in part due to a rise in bank interest income and some positive foreign exchange figures, along with decreased employee costs and depreciation charges. The company also enjoyed a serious decrease in debts owed by VIP gamblers operating on credit markers.

The ability to collect on VIP gambling debts reflects Summit Ascent’s new relationship with junket operator Suncity Group, which took a nearly 28% stake in Summit Ascent last April (subsequently reduced to just under 25%). Tigre de Cristal reported an almost immediate surge in VIP gambling activity after effectively doubling its number of VIP tables by the end of H1 2019.