Suntrust Resort Holdings, currently developing the Westside City integrated resort project in Entertainment City, Manila, Philippines, has announced a net loss of PHP555.51 million ($9.68 million) for the second quarter of this year, a 31.55 percent decrease in loss compared to the first quarter.
However, the figure was a significant 238.4 percent rise in net loss when compared to the same quarter of 2023.
The group’s sole activity is the development of the $1.1 billion Westside City project, a five-star hotel and casino being operated under a lease agreement with a subsidiary of Newport World Resorts operator Travellers International Hotel Group (under the Alliance Global Group – AGI).
Westside City had previously been expected to open in the first quarter of 2025, shifting back from 4Q24. The most recent Suntrust Resort results indicate that the 1Q25 commencement of operations at Westside City is on track.
As of the end of June, the group indicates that ‘the construction of structural work and major façade systems to roof level have been completed’.
Meanwhile, architectural builders and fit-out works, and external civil works are in progress’.
Given the group’s sole focus on developing Westside City, its revenue for 2Q24 amounted to just PHP3,121 ($54) – about half of that registered in the first quarter.
Operating expenses during the period halved quarter-to-quarter, totaling PHP179.33 million ($3.12 million).
The group notes that regarding its capital commitments for the construction and pre-opening of the Westside City hotel and casino totaled PHP14.94 billion ($260.63 million) as of June 30th, 2024.
Suntrust Resort Holdings is a subsidiary of Hong Kong-listed LET Group.
