Suntrust Resort Holdings Inc has confirmed that a casino hotel (pictured in an artist’s impression) it is developing as part of the Westside City project in Manila, the Philippine capital, is expected to “commence operations in 2024”.
Suntrust Resort – formerly Suntrust Home Developers Inc – is a vehicle for Hong Kong-listed LET Group Holdings Ltd and associated entities to develop a casino hotel. LET Group is a Hong Kong-listed company, formerly known as Suncity Group Holdings Ltd.
The complex is to feature 460 five-star rooms, and a casino establishment that “would cater to both mass and VIP markets,” according to a Tuesday filing to the Philippine Stock Exchange. Based on information provided by the group, the project has a price tag of approximately US$1 billion.
Construction of the casino hotel was progressing in 2022, with the group incurring and capitalising PHP6.4 billion (US$117.7 million) of project costs in the year to December 31.
Suntrust had a full-year 2022 net loss amounting to PHP557.1 million, compared with a PHP504.9-million loss in the prior year, it stated in its latest earnings filing.
