Summit Ascent Holdings, an investor at the Tigre de Crystal Casino Resort (pictured) in the coastal state near the Russian Pacific port of Vladivostok, said it expected to post a net loss for the full year 2023 compared to a profit of HK$11.8 million ($1.5 million) a year earlier.

The Hong Kong-listed company said in a filing on Thursday that the expected losses were due to a number of factors, with gaming and hotel operating revenues "down 1% year-on-year to about HK$369.1 million due to fluctuations in the Russian ruble."

The company also recognised impairment losses to property, operating rights and equipment at approximately HK$438.8 million in 2023, but said "no such impairment losses were recorded in 2022."

In 2023, Summit Accent posted an exchange rate-related loss of about HK$39.1 million due to "fluctuations in the Russian ruble." Thursday's filing showed a profit of about HK$60 million a year earlier.

The company said the information in the filing was "just a preliminary evaluation" by the company "which has not been audited, reviewed by the company or reviewed by the audit committee."

This is because our audit committee is "not yet formed" as all of our independent non-executive directors resigned on January 15.

The major resignation comes on the heels of news that it plans to sell its Tigre de Crystal operations to a Russian company. Summit Ascent cited "uncertainty arising from the ongoing Russia-Ukraine conflict" as the reason for the sale.

But at the end of February, Summit Ascent said the deal was closed at the request of a prospective acquirer.

The same departure occurred at Summit Ascension's parent company, Hong Kong-listed LET Group Holdings Ltd., which is not currently complying with the listing rules on the Hong Kong exchange.

On Thursday, LET Group said in its own filing that it expects its full-year 2023 loss to be lower than the HK$488.8 million loss in 2022.

The parent company said it expects impairment loss reductions on "equity loans, loans and amounts" from the HK$412.5 million joint venture and a share of the joint venture's profit of about HK$112.3 million.

LET Group also said its financial expenses fell by about HK$158.6 million in 2023.

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