Suntrust Resort Holdings, the Philippines-listed subsidiary of Hong Kong-based gaming investor LET Group Holdings, says it remains on track to open its Manila hotel and casino project in 2024.
The update was provided in Suntrust’s Annual Report, published Tuesday, in which it also claimed there to be 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.
That’s despite a January report that the company had failed to pay Php336 million (US$6.2 million) in interest owing to another investor, Summit Ascent Holdings, on convertible bonds subscribed to in late 2020. Summit Ascent, which is also majority-owned by LET Group, stated at the time it was in discussions with Suntrust over the issue.
Nevertheless, Suntrust said in its Annual Report that its Manila hotel and casino development – part of a larger Westside City project by Westside City Resorts World Inc and Travellers International Hotel Group Inc – remains under construction and is expected to commence operations in 2024.
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 hotel with a casino boasting 400 gaming tables and 1,200 slot machines.