Suntrust Resort Holdings Inc says construction work for a casino hotel it is developing in Manila, the Philippine capital, had reached level 10 as of the end of the first quarter. The firm also reaffirmed a plan to launch operations in 2024.
The company – formerly Suntrust Home Developers Inc – is a vehicle for Hong Kong-listed LET Group Holdings Ltd and associated entities to develop the casino hotel. LET Group is a Hong Kong-listed company, formerly known as Suncity Group Holdings Ltd.
Suntrust Resort said in its first quarter results announcement, filed to the Philippine Stock Exchange on Friday, that “the construction of structural works up to level 10” had been completed as of March-end. “The podium façade works are in progress,” it added.
“The major mechanical, electrical, and plumbing equipment has been delivered to the construction side.”
The complex (pictured in an artist’s rendering) is part of the Westside City project. It is to feature 460 five-star rooms, and a casino establishment that “would cater to both mass and VIP markets,” according to information previously disclosed by the firm. The project had been described as having a price tag of approximately US$1 billion.
Suntrust had first-quarter net income amounting to PHP92.6 million, compared with a PHP194.3-million loss in the prior-year period, it stated in its latest earnings filing.
Last month, LET Group said it was seeking financing to complete the development of the casino hotel being developed by Suntrust. At the time, the firm stated it was proposing to seek financing for the project from a local financial institution through Suntrust Resort.
