$31 million loan repaid to LET Group


LET Group Holdings Ltd, a casino investor, aims to convert its share of a loss in a joint venture into an accounting profit. On Thursday, an entity named Gold Yield Enterprises Ltd repaid an outstanding loan amount of US$31.2 million to LET Group’s indirect subsidiary, Star Admiral Ltd. LET Group stated in a filing to the Hong Kong Stock Exchange on Thursday, “As of this announcement date, Gold Yield Enterprises owes no outstanding shareholder’s loans to Star Admiral. Pending audit, it is anticipated that the group will, in accordance with Hong Kong accounting standards, record a share of profit of a joint venture, representing a reversal of the previously recognized share of loss.”

This conversion will be accomplished by dissolving Gold Yield Enterprises, a 50 percent-owned joint venture of Star Admiral, so that any surplus assets are distributed equally between LET Group and another entity named Alpha Era Investments Ltd, which owns the other half of Gold Yield Enterprises.

In March 2022, LET Group, then known as Suncity Group Holdings Ltd, stated that Gold Yield Enterprises, primarily involved in the Hoiana casino resort project in Vietnam, had not repaid a US$30-million loan by the due date.

In January, LET Group and Summit Ascent became non-compliant with Hong Kong bourse rules due to a director exodus following an attempted deal to dispose of the entity holding the gaming license for Tigre de Cristal. Their respective stocks were suspended from trading in February. Additionally, the Securities and Futures Commission (SFC) of Hong Kong announced an investigation into both firms for possible breach of its rules regarding the proposed Tigre de Cristal deal. Eventually, the Russian prospective buyer withdrew from the deal.

LET Group indirectly controls Suntrust Resort Holdings Inc, a Philippine company set to commence operations in the first quarter of 2025 at the main hotel casino in Westside City, Manila. Westside City is located between Okada Manila and Solaire Resort in Entertainment City. It remains to see if they will also offer online gaming platforms for the land based casino.

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