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Suntrust says no impediments to opening Manila hotel and casino in 2024

Ben Blaschke by Ben Blaschke
Tue 28 Mar 2023 at 12:56
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

An artist’s impressions of Broadway, located in the Westside City project.

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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.

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Tags: casinoManilaPhilippinesSuntrust Resort Holdings IncWestside City
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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