VIP gambling activity has skyrocketed at Russia’s Tigre de Cristal casino following new deals with junket operators.
This week, Summit Ascent Holdings filed papers with the Hong Kong Stock Exchange laying out the performance of Tigre de Cristal, the only casino currently operating in the Primorye gaming zone on Russia’s eastern shore, just outside Vladivostok.
Summit Ascent says VIP gambling turnover has “dramatically increased” after striking fixed-room deals with two junket operators. The company had previously relied on casual junket relationships, based on its desire to “preserve the bargaining power” of the casino.
Tigre de Cristal officially opened its doors last November, and recorded HKD 258m ($33.2m) in VIP turnover that month. By June, VIP turnover had nearly tripled. But July’s unaudited figure shows VIP turnover hitting HKD 2b, rising again to HKD 2.2b in the first 30 days of August.