Suntrust Resort Holdings Inc, until recently the majority owner of a US$1.25 billion hotel and casino development in Manila’s Westside City, has reported a massive Php27.4 billion (US$463 million) loss for the three months to 30 September 2025 – almost all of it related to the transfer of control and assets to entities of Newport World Resorts parent Travellers International Hotel Group Inc.
As first reported by Inside Asian Gaming, Travellers has taken a majority equity position in the LETX integrated resort project in Westside City from Suntrust, allowing Travellers to provide financial and operational backing in order to complete the construction of the IR and to become its operator upon launch of the property. The project is scheduled for completion in late 2026.
In releasing its quarterly report earlier this month, Suntrust noted that its loss through 30 September had risen by some 5,643% from Php477.6 million (US$8.1 million) a year earlier to Php27.4 billion, but that Php26.8 billion of that loss was on assignment and termination.
That saw property and equipment-related assets fall 99.98% and right-of-use assets by 99.97% from a year earlier.
Suntrust highlighted that, “On 30 August 2025, the Parent Company entered into agreements to pursue a strategic working agreement with Travellers [and Travellers entities] WCI (Westside City Inc), WBHC (Westside Bayshore Holding Corporation) and ECRC (Entertainment City Resorts Corporation) to expedite the completion of the now-expanded Westside City Integrated Resort Project, located in Entertainment City, Paranaque City in Metro Manila, Philippines.
“To ensure the timely construction, development, completion and operation of the Westside Integrated Resort Project, all of the Parent’s Company’s rights and obligations related to the project have been assigned to ECRC.”
It also noted that “certain property and equipment were assigned to a related party on 30 August 2025, and the Co-Development Agreement was terminated on 30 August 2025.”
Previous information filed by the parties revealed that the strategic working agreement would leave Suntrust with a 20% indirect interest of ECRC. Hong Kong-listed LET Group Holdings, which owns 51% of Suntrust, therefore holds an effective 10.2% interest in the Entertainment City project.
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