The closing date for a deal to secure funding of up to $235.2 million for a casino hotel project at Westside City in Manila has been postponed by 12 months, now scheduled for April 30th, 2025.

The Westside City Project, an integrated resort in Manila’s Entertainment City developed by Suntrust Resort Holdings, is planning to open its Main Hotel Casino in the first quarter of 2025.

Philippines gaming operator Suntrust Resort Holdings has secured a $38 million loan from LET Group to ‘fund project costs and the construction of its Westside City Project hotel and casino.

Suntrust Home Developers said the arrest of Suncity CEO Alvin Chau is not expected to have a direct impact on its business and will not affect the timeline for construction of its Westside City Project in Entertainment City, Manila.

Suntrust Home Developers is seeking investor approval to double its authorized capital stock to finance construction of the Westside City project in Manila.

Philippines Stock Exchange-listed Suntrust Resort Holdings, subsidiary of the LET Group, has announced a narrowing of its net loss in 3Q23, to PHP414.48 million ($7.43 million), down 41 percent annually.

Hong Kong-listed LET Group Holdings Ltd has issued a profit alert to the Hong Kong Stock Exchange, projecting a profit attributable to shareholders of HK$450.6 million ($58 million) in 1H23, compared to a loss of HK$387.1 million ($50 million) for 1H22.

The controlling shareholder of Philippine Stock Exchange-listed Suntrust Resort Holdings, LET Group Holdings, has confirmed that there is no delay with its Manila hotel and casino project, scheduled to open in 2024.

LET Group mandated priorities in a post-COVID era are to remain strongly focused on ASEAN, with Vietnam, and the Philippines in particular, as key markets.

Suncity Group Holdings executive director Andrew Lo is the new majority shareholder in the group after former CEO Alvin Chau offloaded his stake.