Hong Kong-listed LET Group has indicated that is going to focus on its Westside City Project in the Philippines, as it restructures its assets, amongst a capital crunch.
According to its annual report published on Thursday, the group’s Chairman Lo Kai Bong noted that the company will ‘concentrate our resources in the Philippines gaming market, specifically on the development of the LETX Resort, also know as the Westside City Project. We firmly believe that this project is the cornerstone of our future success, as we strive to seize new growth opportunities in the Philippine integrated resort market’.
The focus comes as the group aims to divest its interest in the Tigre de Cristal hotel casino in Vladivostok – a project which has been plagued by the ongoing conflict in the Ukraine.
The group also has exited its interest in Hoiana Resort & Golf, which was in a ‘loss making position during FY2024’. The group deregistered its joint venture after voluntary dissolution in December of 2024.
While the group indicates that it is fully focused on the Philippines, it did warn that its current available borrowing facilities ‘may not be sufficient to complete the construction of the Main Hotel Casino and further funds are required’.
It furthered that its current assets and liabilities ‘indicate the existence of a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern’.
But the group’s Chairman struck an upbeat tone, noting that ‘I am confident that the Philippine integrated resort market holds considerable promise for LET’s Group’s future. I recognize that investing in a company requires significant financial and time commitment to realize returns. Nonetheless, I ask that you place your faith in our vision and join us on this exciting journey’.
