Russian casino operator Summit Ascent’s Philippine-based fellow subsidiary Suntrust Resort Holdings is ‘starting the employee recruitment process for the Main Hotel Casino’s operations team.’ The information was shared through Wednesday’s filing.
Summit Ascent is presently developing its Westside City Project integrated resort in Manila, the main hotel casino of which will comprise entertainment and a five-star hotel with over 450 rooms. Additionally, it is developing the Westside shopping mall, opera house, and a 2,000-room hotel complex.
According to the Summit Ascent’s interim results in the Hong Kong exchange, ‘the Main Hotel Casino is still under construction and not yet in operation’.
‘Up to 30 June 2023, approximately $461.1 million has been paid for the Main Hotel Casino project by Suntrust, representing approximately 42 percent of the estimated total construction and development costs.’
The structural topping-off on Level 12 of the Main Hotel Casino was achieved and façade works were in progress. The podium is now in a water-tight condition for the commencement of interior fit-out works in the coming months.
In July, Summit Ascent announced a new share agreement with its Philippine partner company, Suntrust Resort Holdings, valued at $246.85 million. This strategic step was taken, in part, to offset the interest owed by Suntrust to various bondholders, a factor that could potentially discourage additional investments in the company.
