Suntrust has 2Q loss, Westside City 2024 opening on track
Suntrust Resort Holdings Inc had a second-quarter net loss amounting to PHP255.1 million (US$4.6 million), it said in a Monday filing to the Philippine Stock Exchange.
Suntrust Resort – formerly Suntrust Home Developers Inc – is a vehicle for Hong Kong-listed Suncity Group Holdings Ltd and associated entities to develop a casino hotel (pictured in an artist’s impression) in the Westside City project in Manila, the Philippine capital.
Monday’s filing said that as of June 30, the pile capping, ground floor, and levels one and two of the “main hotel casino” had been completed, while work on the basement was “in progress”.
It added: “Management aims to commence the operation of the main hotel casino in 2024.”
As of June 30, Suntrust Resort had commitments amounting to nearly PHP21.98 billion – about US$393 million – for construction of the main hotel casino, said the filing. As of that date, the group’s total resources amounted to nearly PHP30.28 billion.
In a December 1 filing, the-then Suntrust Home Developers had said the detention in Macau a few days earlier, of the-then Suncity Group Holdings chairman Alvin Chau Cheok Wa was “not expected to have a material impact on the timeline of the construction” of the Westside City hotel and casino.
Mr Chau was detained on criminal allegations linked to the privately-held Macau junket brand Suncity Group. He is awaiting an anticipated September start of his trial on charges of illegal gaming, criminal association, fraud, and money laundering.
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