Summit Ascent enters deal with South Korean gaming operator


Cecilia U Summit Ascent Holdings Ltd. (SAH) stated their participation in a non-legally binding memorandum of understanding for a strategic partnership with Kangwon Land (KWL), according to the SAH filing with the Hong Kong Stock Exchange last Friday.
The highlights of this partnership include KWL or its designated hotel management company providing the potential hotel management and operations of Tigre de Cristal in the Russian Far East. It also involves KWL supplying possible Korean contractors and Korean project finance for Phase 2 of Tigre de Cristal. Cruise line routing and charter flights between KWL Casino in South Korea and Tigre de Cristal are included as well.
The memorandum of understanding also covers potential investment in future investment projects of KWL by SAH. Other programs, such as a gaming staff exchange program and further development of recreational facilities and shops are also included.
KWL is known as the largest gaming operator by revenue in the Republic of Korea, and the operator of High1 Resort. Lawrence Ho Yau Lung is Chairman and Non-executive Director of SAH, as well as the Chairman, Executive Director and Chief Executive Officer of Melco Crown Entertainment.