Suntrust has appointed IGT Asia Pte Ltd. as the contractor for its Westside City project in Manila, which is scheduled to open in the first quarter of 2025.
The appointment, formalized through an agreement dated October 11th, 2024, tasks IGT Asia Pte Ltd. with the supply and maintenance of gaming management equipment, software, and services. The contract is valued at approximately $4.72 million for the supply portion, with an additional $566,520 allocated for maintenance services.
The decision to award the contract to IGT Asia Pte Ltd. followed an arm’s-length negotiation process, considering factors such as the estimated cost, market pricing for similar work, and competitive tender bids. Among the four contractors that submitted tenders, IGT’s bid was the second lowest. However, the company’s extensive experience and the superior functionality of its products made it the preferred choice.
According to a filing with the Hong Kong Stock Exchange on Monday by Suntrust’s parent company, LET Group, IGT’s qualifications extend beyond competitive pricing. The contractor has successfully completed multiple projects across various jurisdictions, including Macau, Australia, Vietnam, and the Philippines, giving it a deep understanding of regional regulatory requirements. Its proven track record in the Philippines ensures compliance with local government authorities and regulators for the Westside City project.
The filing also indicated that Suntrust’s shares on the stock exchange remain suspended, pending the company’s fulfillment of specific resumption guidelines. Trading in the company’s shares has been halted since February 14th, 2024.