LET Group Holdings Ltd has announced it expects a net loss of approximately HKD9 million (US$1.2 million) due to the dissolution of its joint venture, Gold Yield Enterprises Ltd, which was 50% owned by the group. The dissolution, which took effect on December 9, 2024, resulted in the distribution of remaining assets and other related losses, according to a filing with the Hong Kong Stock Exchange.
Gold Yield Enterprises had been involved in the Hoiana casino resort project in Vietnam. LET Group’s shares, along with those of its subsidiary Summit Ascent Holdings Ltd, have been suspended from trading in Hong Kong since February 2024. Summit Ascent operates the Tigre de Cristal casino resort in Vladivostok, Russia. The company noted that the ongoing Russia-Ukraine conflict and related sanctions have created significant challenges for its Russian operations. However, there were no new updates on plans to sell its casino business in Russia.
LET Group has faced several challenges since early 2024, including the departure of key board members after an attempted sale of the Tigre de Cristal casino license. In November, two independent directors resigned again, marking ongoing instability.
The group is now shifting focus to the Philippine market, where it is developing a major hotel casino at Westside City in Manila, with an anticipated opening in 2025. LET Group plans to appoint additional contractors to assist with the project’s completion. Suntrust Resort Holdings, the subsidiary overseeing the development, expects the casino to begin operations in the fourth quarter of 2025, later than its previous projection of the first quarter.
LET Group is also exploring opportunities to sell its property development interests in Japan, including projects in Niseko and Miyako Island, as part of a strategy to improve cash flow. However, no buyers have been secured for these assets yet.