Suntrust Resort Holdings, a minority shareholder in the Westside integrated resort project in Manila’s Entertainment City, has flagged the potential accreditation of its ‘relevant project entity’ as a Gaming System Administrator under the Philippine Amusement and Gaming Corporation (PAGCOR), opening the door to a possible entry into the Philippines’ online gaming sector.
The disclosure was contained in the company’s reply, dated Tuesday and signed by Director and Chief Financial Officer Yip Ho Chi, to a Philippine Stock Exchange query on the negative stockholders’ equity reflected in Suntrust’s quarterly report for the period ended March 31st, 2026.
Under PAGCOR’s regulatory framework, a Gaming System Administrator, formerly known as a Gaming System Service Provider, supplies and maintains the platforms on which licensed online gaming operators host their games.
Suntrust said the financial impact and definitive timetable of any application are not yet determinable, and that it would make disclosures to the exchange as developments warrant.
The company attributed its capital deficiency mainly to pre-operating and financing costs accumulated during the prolonged construction of the Westside project, as well as the classification of its outstanding convertible bonds and related-party advances as liabilities pending their conversion or restructuring.
Other measures outlined to restore positive equity include the possible conversion of its convertible bonds into perpetual instruments that may qualify as equity, the conversion of bonds or advances into shares, an increase in authorized capital stock, additional fund-raising and the opening of Westside, targeted for the third quarter of 2026.
Suntrust was the original developer of the project’s Main Hotel Casino but ceded control last year under a strategic working agreement with Travellers International Hotel Group, subscribing to 40 percent of Westside Bayshore Holding Corporation for an effective 20 percent indirect interest in Entertainment City Resorts Corporation, which assumed all rights and obligations relating to the project.
