The controlling shareholder of Philippine Stock Exchange-listed Suntrust Resort Holdings, LET Group Holdings, has confirmed that there is no delay with its Manila hotel and casino project, scheduled to open in 2024.
The update was provided in Suntrust’s Annual Report, published Tuesday via a LET Group Holdings filing, in which it also claimed that there are no material events or uncertainties that might impact the group’s financial position and that it does not anticipate having any cash flow or liquidity problems.
According to the document, Suntrust mentioned that the COVID pandemic started to become widespread in the Philippines in early March 2020. The measures taken by the government to contain the virus have affected economic conditions. However, “the Group’s business operations have been affected minimally as its hotel and casino are still in the preliminary construction activities. As at December 31, 2022, the construction of structural work up to Level 6 have been completed whereas the façade works were in progress. The major mechanical, electrical, and plumbing equipment has been delivered to construction site”.
Suntrust’s Manila hotel and casino development is part of a larger Westside City project by Westside City Resorts World Inc and Travellers International Hotel Group Inc.
When open, Westside City will become the fifth integrated resort in and around Manila’s Entertainment City precinct, alongside City of Dreams Manila, Newport World Resorts, Okada Manila and Solaire Resort & Casino.
Suntrust’s project will incorporate a 450-room five star hotel with a casino boasting 400 gaming tables and 1,200 slot machines. It’s also developing the Westside shopping mall, opera house, and 2,000-room hotel complex.
When the Suncity Group rebranded itself as LET Group earlier last year, Andrew Lo was appointed as chairman. Lo currently holds 75 percent of the shares of LET Group. LET Group controls a 51 percent interest in Suntrust Resort Holdings, via a subsidiary.
