Suntrust Resort Holdings Inc says construction work for the casino hotel it is developing in Manila, the Philippine capital, had reached the “roof level” as of June 30. The firm also reaffirmed a plan to launch operations in the “fourth quarter of 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 second quarter results announcement, filed to the Philippine Stock Exchange on Monday, that “construction of structural work up to roof level” had been completed as of June-end. “The podium façade works are in progress,” it added.
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 has been described as having a price tag of approximately US$1.1 billion.
Architectural “works and finishes are in progress”, the firm said in its latest earnings filing.
Suntrust had a second-quarter net loss of PHP164.1 million (US$2.9 million), compared with a PHP255.1-million loss in the prior-year period, it stated.
Last month, Suntrust’s board approved a US$5-million loan from its indirect controller, LET Group. The firm said at the time that the loan would help “fund project costs and construction” of its hotel casino at Westside City.
