• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 23 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

LET Group turns full focus to Manila casino development but admits uncertainty over ability to fund project completion

Ben Blaschke by Ben Blaschke
Fri 11 Jul 2025 at 06:17
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

An artist’s impression of the façade of the Westside City project.

199
SHARES
5k
VIEWS
Print Friendly, PDF & Email

Hong Kong-listed LET Group says it is now “fully-focused” on its US$1.25 billion LET X hotel and casino development in Manila’s Westside City precinct, despite admitting lingering concerns that it may not have the funds to complete its construction.

The update formed part of LET Group’s FY24 financial results, published late Thursday as it looks to gain Hong Kong Stock Exchange approval to resume the trading of shares. Both LET Group – formerly known as Suncity Group – and its subsidiary Summit Ascent Holdings were suspended from trading in February 2024 after Hong Kong’s Securities and Futures Commission (SFC) outlined “serious concerns about the conduct” of management when it attempted to sell off Summit Ascent’s entire interest in Russian casino resort Tigre de Cristal without obtaining proper shareholder approval.

Both companies had since suffered a mass walkout of all directors other than chairman Andrew Lo and had, until now, failed to announce a series of key financial results. All directors have since either returned or been replaced.

LET Group on Thursday ramped up their efforts to resume trading by publishing all outstanding interim and full year financial results and Annual Reports for 2023 and 2024, capturing the various events that have led it to its current situation.

LET Group’s FY24 results release, representing most recent developments, notes that the company has turned its focus from Tigre de Cristal, which it is still looking to offload, and Hoiana in Vietnam – where it recently exited a three-way joint venture – to its LET X development.

“In terms of our integrated resort portfolio perspective, our investment in the Westside City Project in the Philippines offers the greatest potential for significant returns compared to Hoiana and Tigre de Cristal in the future,” it stated.

“Westside City Project … will be the crowning jewel in the already impressive collection of integrated resorts in the Entertainment City in Manila, the Philippines. The government’s confirmation that there will be no more gaming licenses in Entertainment City further reinforces our position as one the most prominent and latest integrated resort, incorporating state-of-the-art technology in the region.”

While LET Group continues development of its Manila IR, the company referenced a recently announced further delay to completion of the project from late 2025 to the third quarter of 2026.

More importantly, the group pointed out that, as of 31 December 2024, it had remaining available bank borrowing of HK$1.87 billion (US$238 million) but had entered into agreements involving capital commitments of HK$1.89 billion (US$241 million) for development of LET X. Inside Asian Gaming notes that this was before a recent revision of anticipated development cost from US$1.1 billion to US$1.25 billion.

These available borrowing “may not be sufficient to complete the construction of the Main Hotel Casino and further funds are required,” LET Group said.

The group had, it added, previously defaulted on the repayment of other borrowings in the amount of HK$137.5 million (US$17.5 million), and failure to complete the project by end-2025 could represent a default of its bank borrowing unless otherwise agreed by the lender.

Nevertheless, LET Group said it remains confident in its ability to complete the project based on its plans to improve liquidity via various measures including negotiations with lenders and the disposal of non-core assets.

The company has previously confirmed that it would again explore opportunities to sell Tigre de Cristal – despite it currently being the only source of revenue for the group.

Earlier this year, LET Group exited the joint venture that developed and opened Hoiana – the Vietnam IR now controlled by Hong Kong-based investment firm VMS Group, which is linked to jewelry giant and gaming investor Chow Tai Fook.

LET Group generated revenue of HK$414.5 million (US$52.8 million) in FY24, up 12% year-on-year and all of it from Tigre de Cristal. According to details contained within the company’s financials, this comprised HK$377.1 million (US$48.0 million) from gaming and HK$37.4 million (US$4.8 million) from hotel operations.

RelatedPosts

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

Fri 22 Aug 2025 at 05:40
PAGCOR chair Tengco says transactions on licensed online gambling sites down 50% since ban on e-wallet links

PAGCOR chair Tengco says transactions on licensed online gambling sites down 50% since ban on e-wallet links

Thu 21 Aug 2025 at 05:35
Hong Kong Chief Executive claims to have discussed “travel bubble” with Macau

Hong Kong Stock Exchange to cancel the listings of casino investors LET Group and Summit Ascent

Tue 19 Aug 2025 at 04:54
Grow Beyond Borders with HKUST Asia-Pacific Part-Time MBA (Digital MBA)

Grow Beyond Borders with HKUST Asia-Pacific Part-Time MBA (Digital MBA)

Mon 18 Aug 2025 at 16:25
Load More
Tags: Hong KongLET GroupLET XPhilippinesWestside City
Share80Share14
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.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Wynn Macau

Wynn Macau Ltd to redeem in full US$1 billion of outstanding notes due 2026 in September

by Ben Blaschke
Fri 22 Aug 2025 at 11:00

Wynn Macau Ltd confirmed Friday that it will redeem in full senior notes due 2026 and valued at US$1 billion on 2 September 2025. The redemption includes the company’s US$750 million 5.500% senior notes due 2026 issued in June 2020...

Indian court denies request to block all online gambling sites during cricket World Cup

Indian parliament bans all real-money online gambling

by Newsdesk
Fri 22 Aug 2025 at 06:21

The Indian parliament has passed a bill that will ban all real-money online gaming, including skill games such as fantasy sports and poker. Reuters reports that India’s upper house passed the controversial Promotion and Regulation of Online Gaming Bill 2025...

Sri Lankan cabinet approves creation of Gambling Regulatory Authority

Sri Lankan parliament passes Gambling Regulatory Authority Bill

by Ben Blaschke
Fri 22 Aug 2025 at 06:03

Sri Lanka’s Gambling Regulatory Authority Bill has been passed by the nation’s parliament with amendments, local media has reported. The Bill, which was gazetted in May under the directives of President Anura Kumara Dissanayake in his capacity as the Minister...

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

Winford Resort & Casino Manila becomes first Philippines IR to commit to 30% plant-based menu by 2026

by Newsdesk
Fri 22 Aug 2025 at 05:40

Winford Resort & Casino Manila has become the first gaming complex in the Philippines to publicly commit to a comprehensive plant-forward initiative, pledging to make 30% of all menu offerings plant-based across its food service operations by early next year....

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English