LET Group Holdings Ltd expects a net loss of approximately HKD 9 million (US$1.2 million) due to dissolving its joint venture, Gold Yield Enterprises Ltd, which the group owned 50%. The company dissolved the joint venture on December 9, 2024, distributing remaining assets and recording related losses, according to a filing with the Hong Kong Stock Exchange.
Gold Yield Enterprises participated in the Hoiana casino resort project in Vietnam. LET Group’s shares and those of its subsidiary, Summit Ascent Holdings Ltd, have remained suspended from trading in Hong Kong since February 2024. Summit Ascent operates the Tigre de Cristal casino resort in Vladivostok, Russia. The company reported that the ongoing Russia-Ukraine conflict and related sanctions have created major challenges for its Russian operations. However, LET Group has not announced new plans to sell its casino business in Russia.
Since early 2024, LET Group has faced several challenges, including key board members leaving after an attempted sale of the Tigre de Cristal casino license. In November, two independent directors resigned again, signaling ongoing instability.
Now, the group is shifting its focus to the Philippine market. It actively develops a major hotel casino at Westside City in Manila, targeting an opening in 2025. LET Group plans to appoint additional contractors to accelerate the project’s completion. Suntrust Resort Holdings, the subsidiary managing the development, expects the casino to begin operations in the fourth quarter of 2025, later than its previous projection of the first quarter.
Moreover, LET Group explores opportunities to sell its property development interests in Japan, including projects in Niseko and Miyako Island, aiming to improve cash flow. However, the company has not yet secured buyers for these assets.
Overall, LET Group faces headwinds but actively pursues growth and restructuring in key markets while managing ongoing operational challenges.
