Suntrust Resort Holdings, Inc. reported a net income of PHP16.96 million ($275,300) for the quarter ended March 31st, 2026, reversing a net loss of PHP84.33 million ($1.37 million) recorded in the same period of 2025, according to the filing.
The Philippine Stock Exchange-listed company, a subsidiary of Hong Kong-listed LET Group Holdings through Fortune Noble Limited, confirmed that it no longer holds traditional operating activities following the 2025 restructuring of the Westside Resort Project at Entertainment City, Manila.
Under assignment and restructuring agreements with related parties, construction in progress, prepayments, and project-related rights and obligations were transferred to related entities, and the Co-Development Agreement was terminated on August 30th, 2025.
Suntrust now retains a 20 percent indirect interest in Entertainment City Resorts Corporation, the entity carrying out the ongoing construction and development of the Westside Resort Project, through its 40 percent stake in Westside Bayshore Holdings Corporation.
The company reported total assets of PHP4.93 billion ($80.1 million) and a capital deficiency of PHP21.54 billion ($349.6 million) as of March 31st, 2026. Convertible bonds payable stood at PHP19.3 billion ($313.3 million).
Management noted that the group remains in a pre-operating stage and disclosed a material uncertainty regarding its ability to continue as a going concern, with continued financial support expected from related parties.
