Suntrust Resort Holdings Inc, the developer of the LETX Resort, a casino hotel (pictured in an artist’s rendering) at Westside City in the Philippine capital Manila, says there is no “material uncertainty” regarding the company’s operations. The information was included in the firm’s second-quarter report, filed on Wednesday.
The group incurred net losses from its operations in prior years, “which resulted in a deficit” of PHP4.76 billion (US$83.3 million) as of June 30, 2025.
“Management believes that this does not raise material uncertainty related to going concern as the company expects to generate revenues in the foreseeable future upon completion of its main hotel casino,” stated Suntrust.
The Philippine-listed company also recalled that it was “able to secure additional funding from a financial institution and certain related parties in 2024”.
“Hence, management assessed that the funding is sufficient for its completion of the construction of the main hotel casino,” it added.
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”.
As of June 30, Suntrust said it had capital commitments of about PHP15.97 billion for the construction and pre-opening of the LETX Resort.
“The group does not anticipate having any cash flow or liquidity problems,” stated Suntrust, adding that it was “not in default or in material breach of any note, loan, lease, or other indebtedness or financing arrangement requiring it to make payments”.
Suntrust, indirectly controlled by Hong Kong-based LET Group Holdings Ltd, has several times put back the completion date on the hotel casino scheme in Manila.
Based on the firm’s latest estimates, the opening of the main hotel casino is now “targeted for third quarter of 2026”.
