Suntrust Resort Holdings Inc has agreed a deal worth just under US$5.3 million for a unit of International Game Technology Plc to provide and maintain gaming equipment for Suntrust’s under-development hotel casino in Westside City Phase 1 in the Philippine capital Manila.
The deal, dated to Friday, was confirmed in a Monday filing by Suntrust’s indirect controller, Hong Kong-listed LET Group Holdings Ltd, led by businessman Andrew Lo Kai Bong.
Suntrust is to be the exclusive operator and manager of the main hotel casino in Westside City Phase 1 (pictured in an artist’s rendering). Monday’s filing by LET Group said the venue, part of Manila’s Entertainment City zone of large commercial gaming resorts, was still targeted to have a 2025 opening.
LET Group’s update said the technology deal had been awarded to IGT due to its “vast experience” in the field.
The IGT tender had been “second lowest” among four bidders, and its products had the “greatest functionality” among the contender companies.
LET Group added that the IGT side had a track record of “multiple project implementations in Macau, Australia, Vietnam, and the Philippines”.
LET Group added IGT’s “past experience in the Philippines market ensures that the equipment, software and services will be in compliance with the requirements of Philippines government authorities and regulators”.
Singapore-registered IGT Asia Pte Ltd, an indirect wholly-owned unit of the IGT group, will supply “equipment, software and services” for the gaming business of the Westside City project.
These will include: a casino management system with machine accounting and patron management functions; user licences for mobile casino management system software; and speciality software such as multi-denomination multi-game analysis licences.
The IGT side will also supply: responsible gaming connection licences, a marketing interface, property management system, parking and access control, and casino terminal network.
The deal will additionally see the brand give licences for cashless gaming software; and also supply table manager software; connection licences for tournament system software; and connection licences for floor systems.
The Singapore unit will also supply an analytics licence and modules; display kits; consulting services; and project management, installation, training and go-live support.
In a separate filing on Thursday, LET Group gave an update on other matters, including another firm it controls, Summit Ascent Holdings Ltd. The latter runs the Tigre de Cristal casino resort in Primorye, near the Russian Pacific port of Vladivostok.
LET Group said: “The hotel and gaming business operations of Tigre de Cristal in Russia continue to face significant challenges and uncertainties due to the ongoing and escalating Russia-Ukraine conflict, along with the associated sanctions levied against Russia.”
LET Group also noted it was “actively seeking opportunities to divest its non-core business of property development in Niseko and Miyako Island… Japan,” which it described as a “strategic move intended to enhance the group’s cash flow, despite no buyer has been secured as of yet”.
Hong Kong trading of LET Group shares has been suspended since February 14.
Hong Kong’s stock market regulator, the Securities and Futures Commission (SFC) said in a September 27 statement that it had started legal proceedings “to seek a share repurchase order” to protect the interests of independent minority shareholders of LET Group and Summit Ascent.
The lawsuit was filed in Hong Kong’s Court of First Instance, “as a result of alleged misconduct of Mr [Andrew] Lo Kai Bong, chairman, executive director and controlling shareholder of both companies,” added the announcement.
In February, the Hong Kong stock market regulator said it was investigating LET Group and Summit Ascent for possible breach of its rules regarding an attempted deal to sell the Russian business.
