Suntrust Resort Holdings is apparently handing over the reins of the development and operation of its billion-dollar Westside City integrated resort in Entertainment City in Manila.
In a filing published on Monday, the group – a subsidiary of the LET Group – indicated that it was pursuing a ‘strategic working agreement with Travellers International Hotel Group, Inc., Westside City Inc., Westside Bayshore Holding Corporation and Entertainment City Resorts Corporation (ECRC) to expedite the completion of the now-expanded Westside Integrated Resort Project’.
Under the agreement, Suntrust would effectively only hold a 20 percent indirect interest in ECRC.
As announced on Monday, ‘ECRC will assume all rights and obligations related to the project’.
Suntrust notes that the move is to ‘ensure the timely construction, development, completion and operation of the Westside Integrated Resort Project’.
Just in August, Suntrust had assured that it was able to sustain operations and complete the Westside City development, citing funding arrangements and the project’s proximity to revenue generation.
Similarly, parent company LET Group, which holds a 51 percent stake in Suntrust, in a recent Hong Kong Stock Exchange filing indicated that as the end of 1H25, Suntrust ‘would be the sole and exclusive operator and manager’ of Westside City ‘upon commencement of operation of the Main Hotel Casino in the third quarter of 2026’.
The new arrangement significantly dilutes LET Group’s stake in Westside City, with Travellers Group parent company Alliance Global taking an additional stake – as has long been expected.
The cost of Westside City has risen to over $1 billion and the project has yet to generate any revenue, while weighing down its developers with heavy capital expenditure.
