Andrew Lo new Suntrust president as David Chua retires

Jul 16, 2024 Newsdesk Latest News, Philippines, Top of the deck  

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Suntrust Resort Holdings Inc has appointed Andrew Lo Kai Bong (pictured in a file photo) as its new president, following the retirement of the previous president David Chua Ming Huat. The announcement was made in a filing to the Philippines Stock Exchange on Tuesday.

Suntrust is currently developing a hotel casino at Westside City in the Philippine capital, Manila. The venue is scheduled to commence operations in the first quarter of 2025.

According to corporate information, Suntrust is 51.2 percent owned by Hong Kong-listed casino investor firm LET Group Holdings Ltd, with 33.6 percent owned by Megaworld Corp.

Mr Lo holds a substantial 72.1-percent stake in LET Group. Megaworld is a non-wholly owned subsidiary of Philippine conglomerate Alliance Global Group Inc.

Mr Lo will serve as Suntrust’s president until a successor “is elected and qualifies for the position,” according to Tuesday’s filing.

The document further noted that Mr Chua’s retirement took effect on Monday. “He has relinquished all his duties and responsibilities as director and president of the company on said date,” the filing stated.

In an interview with GGRAsia last month, 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.

The leadership change at Suntrust follows moves by Alliance Global to replace from its business interests executives formerly associated with Malaysian conglomerate Genting group, a prior partner of Alliance Global at the Newport World Resorts casino complex, situated near Manila’s international airport.

The property, previously known as Resorts World Manila, opened in 2009 as a joint venture between Alliance Global and Genting Hong Kong Ltd, an operator of casino cruise ships and a subsidiary of the Genting group.

Genting Hong Kong entered liquidation in January 2022. Subsequently, a statement in July 2022 announced that Resorts World Manila would be rebranded as Newport World Resorts. In May last year, Alliance Global disclosed its acquisition of Genting Hong Kong’s stake in Newport World Resorts.

Last month, Alliance Global confirmed a leadership change at Newport World Resorts, attributing it to the conclusion of a “year-long transition plan” for the operation, following Alliance Global’s full acquisition of the business. The announcement confirmed that several executives previously linked to Genting Hong Kong were leaving their posts at Newport World Resorts.

Mr Chua also had previous ties to the Genting group. Among other positions, he was president of Genting Hong Kong from May 2007 to January 2015.

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