Suntrust Resort Holdings Inc. has announced its anticipation to commence operations at the primary hotel casino located in Westside City, Manila, the Philippine capital, during the first quarter of 2025, according to a filing made to the Philippine Stock Exchange on Monday.
In an update provided in August regarding the construction progress of the complex, which includes the hotel casino, the company had previously suggested the potential commencement of gaming and hotel activities by the fourth quarter of the current year.
In its most recent filing, Suntrust indicated that architectural construction and fit-out works, as well as external civil works, are currently underway. The management is targeting the launch of a five-star hotel and casino establishment, referred to as the main hotel casino, by the first quarter of 2025.
As of December 31, 2023, Suntrust reported that structural work and the tower facade up to the roof level had been completed, with the exception of a facade at the middle portion of a skybridge.
For the fiscal year 2023, Suntrust reported a loss of PHP337.03 million (US$5.98 million), significantly reduced from the nearly PHP668.92-million loss recorded in 2022.
Suntrust is indirectly controlled by Hong Kong-listed casino investor LET Group Holdings Ltd, chaired by businessman Andrew Lo Kai Bong.
Another entity under the control of LET Group, Hong Kong-listed Summit Ascent Holdings Ltd, mentioned in a September filing that Suntrust had initiated the recruitment of personnel to operate the hotel casino at Westside City.
Summit Ascent operates the Tigre de Cristal hotel and gaming establishment in the Integrated Entertainment Zone of the Primorye Region near Vladivostok, Russia. Both Summit Ascent and LET Group indicated last week that they anticipate recording losses for the fiscal year 2023.
Westside City will be the next integrated resort to open in Entertainment City. Competition will be tight as other integrated resorts will need to provide better services and promotions to keep their clientele. This competition among operators will surely benefit the guests and players.