Suntrust Resort Holdings Inc. confirmed that it will open its main hotel casino in Westside City, Manila during the first quarter of 2025, as revealed in its latest disclosure to the Philippine Stock Exchange on Monday.
Although the company initially projected a possible fourth-quarter 2024 launch, it has now revised its target date. Suntrust attributed the adjustment to the current pace of construction. As of now, the company actively continues architectural and interior fit-out works, while it also undertakes external civil construction.
The management emphasized that it aims to launch a five-star hotel and casino, which it refers to as the “main hotel casino,” early next year. By December 31, 2023, Suntrust had already completed structural work and the facade of the tower up to roof level, excluding only a portion of the skybridge’s facade.
Suntrust reported a net loss of PHP337.03 million (US$5.98 million) for 2023. Although still negative, this figure significantly improved from the nearly PHP668.92-million loss recorded in 2022, clearly signaling progress toward profitability.
LET Group Holdings Ltd, a Hong Kong-listed company chaired by businessman Andrew Lo Kai Bong, indirectly controls Suntrust. In a September update, Summit Ascent Holdings Ltd—a fellow LET Group affiliate—disclosed that Suntrust had already started hiring staff to run the Westside City hotel and casino.
Summit Ascent, meanwhile, operates the Tigre de Cristal casino resort located in Russia’s Primorye Region. Both LET Group and Summit Ascent have warned of projected losses for fiscal year 2023.
As Westside City prepares to become the next integrated resort opening in Entertainment City, competition will undoubtedly intensify. Existing resorts will need to improve their services and promotions to retain clientele. Ultimately, this healthy competition among operators will create better experiences for both players and visitors.
