Suntrust Resort Holdings Inc, the developer of the LETX Resort – a casino hotel at Westside City in the Philippine capital, Manila –, says it has subscribed to 400 million common shares of Westside Bayshore Holding Corp (WBHC), representing a 40 percent stake in the firm. This was part of a plan announced on Monday, aiming to “expedite the completion” of what it described as the “now-expanded” Westside integrated resort project.
In a filing to the Philippine Stock Exchange on Thursday, Suntrust stated that the share subscription had taken place the previous Saturday (August 30) at a price of PHP8.00 (US$0.14) per share, amounting to a total consideration of PHP3.20 billion, equivalent to approximately US$56.0 million.
The amount was settled in cash upon execution of the subscription agreement, stated the document.
It added: “Suntrust’s acquisition of 40 percent of the total outstanding and issued shares of WBHC is pursuant to a strategic working agreement with the parent company of WBHC, Travellers International Hotel Group Inc, Westside City Inc, and Entertainment City Resorts Corp, to expedite the completion of the now-expanded Westside integrated resort project, located in Entertainment City, Parañaque City, in Metro Manila, Philippines.”
The casino property being developed by Suntrust, dubbed LETX Resort (pictured in an artist’s rendering), operates under the gaming licence of Travellers International, which is a unit of the Philippine conglomerate Alliance Global Group Inc. Travellers International currently runs the Newport World Resorts casino complex in Manila.
Through the share acquisition, as previously announced, Suntrust will effectively hold an indirect interest of 20 percent in Entertainment City Resorts Corp, a subsidiary of WBHC, which assumes “all rights and obligations related to the Westside integrated resort project to ensure its timely construction, development, completion and operation”.
Suntrust said in Thursday’s filing that the overall move formed part of the firm’s “broader corporate restructuring plan, which involves shifting its strategic focus towards holding investments in the tourism and gaming sectors”.
According to previous corporate information, the US$1.25-billion LETX Resort will have “over 300 gaming tables and over 1,300 electronic gaming machines for both the mass and VIP markets; over 450 five-star luxury hotel rooms and suites; a mall composed of food and beverage and retail units; and a parking facility with over 1,000 slots.”
Suntrust, indirectly controlled by troubled Hong Kong-based LET Group Holdings Ltd, has several times postponed the completion date of the hotel casino scheme in Manila. Based on the firm’s latest estimates, the opening of the main hotel casino is now targeted for the third quarter of 2026.
Last month, Suntrust said there was no “material uncertainty” regarding the company’s operations. The group incurred net losses from its operations in previous years, “which resulted in a deficit” of PHP4.76 billion as of June 30, 2025.
