Suntrust Resort Holdings Inc says it expects to start operations “in the fourth quarter of 2025” at the “main hotel casino” (pictured in an artist’s rendering) at Westside City in the Philippine capital Manila.
The information was in a Thursday filing to the Philippine Stock Exchange.
In April, the firm had mentioned that gaming and hotel operations at the complex, part of Manila’s Entertainment City zone of large commercial gaming resorts, were expected to start in the first quarter of next year.
In its latest filing, Suntrust stated: “As of September 30, 2024, the construction of structural works and major façade systems up to roof level has been completed.” It said architectural and fit-out work, as well as other external work, were “in progress”.
“Management aims to commence the operations of a five-star hotel and casino establishment (main hotel casino) in the fourth quarter of 2025.”
Suntrust posted a net loss of PHP477.6 million (US$8.1 million) for the first nine months of 2024. Operating expenses for the period rose by 66.6 percent year-on-year, to PHP493.3 million.
Suntrust is indirectly controlled by casino investor Hong Kong-listed LET Group Holdings Ltd, a firm chaired by businessman Andrew Lo Kai Bong. Mr Lo is also president of Suntrust, following the retirement in June of the previous president David Chua Ming Huat.
Suntrust received two separate loans from LET earlier this year, amounting in aggregate to US$55.0 million. The funds were “intended to fund project costs and the construction of the main hotel casino,” stated the firm.
According to corporate information, Suntrust is 51.2 percent owned by LET Group, with 33.6 percent owned by Megaworld Corp, the latter a subsidiary of Philippine conglomerate Alliance Global Group Inc. Alliance Global, via its unit Travellers International Hotel Group Inc, is the provider of the gaming licence for the complex.
In an interview with GGRAsia in June, the head of the Philippine Amusement and Gaming Corp (Pagcor), Alejandro Tengco, said he had received assurances regarding the opening of the hotel casino being developed by Suntrust.
“I am very confident that the project will open, primarily because they’re using Travellers’ licence,” stated Mr Tengco at the time. “I had a dialogue with the top management of Travellers, and I got assurances that they would definitely make sure that the project will be completed,” he added.
In October, Suntrust announced 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.
