Asian casino operator, Summit Ascent Holdings Limited, has reportedly announced that it is hoping to raise approximately $38 million via a share issue to help fund the planned expansion of its Tigre de Cristal venue.

Investor interest:

According to a report, the Hong Kong-listed firm used an official Thursday filing to declare that it has conditionally agreed to sell some 300 million shares each priced at around $0.13 to at least six third-party investors and intends to use any proceeds ‘to further develop the hotel and gaming business’ it runs in eastern Russia.

Prime position:

Opened in October of 2015 at a cost of about $175 million, the 121-room Tigre de Cristal integrated casino resort is located roughly 31 miles north of Vladivostok in the Primorye Integrated Entertainment Resort zone and offers a selection of 769 slots and 67 gaming tables. Courtesy of federal legislation ratified in 2009, this area is one of only five in Russia where casino gambling is permitted and it could soon play host to up to eight venues including the coming Naga Vladivostok development from Cambodian firm, NagaCorp Limited, as well as local entity Diamond Fortune Holdings’ envisioned Selena World Resort and Casino.

Development details:

GGRAsia reported that Summit Ascent Holdings has long been planning to spend up to $500 million in order to expand Tigre de Cristal via the premiere of a revamped gaming floor featuring approximately 300 additional slots alongside some 75 more gaming tables. The operator purportedly earlier revealed that the $200 million first stage of this extension will also involve the debut of approximately 350 extra hotel rooms as well as areas for restaurants, shops, exhibitions and an indoor beach club.

Lavish intentions:

Eric Landheer, Executive Director for Summit, said in May that his firm is eager to open these new facilities by the end of 2021 before subsequently spending as much as $300 million in order to inaugurate an adjacent 150-suite luxury hotel.