LET Group Holdings Ltd, a casino investor, announced that it will convert its previously recorded share of a joint venture loss into a profit. On Thursday, Gold Yield Enterprises Ltd repaid an outstanding US$31.2 million loan to LET Group’s indirect subsidiary, Star Admiral Ltd.
Following the repayment, LET Group confirmed in a filing to the Hong Kong Stock Exchange that Gold Yield Enterprises holds no outstanding loans with Star Admiral. Consequently, LET Group expects to record a profit share from the joint venture in accordance with Hong Kong accounting standards. This reverses the earlier recognized loss. Although the final figure remains subject to audit, the firm anticipates a positive impact on its books.
To complete this transition, LET Group plans to dissolve Gold Yield Enterprises. Star Admiral and Alpha Era Investments Ltd each own 50 percent of the venture. The dissolution will allow both parties to equally divide the remaining assets. This will secure LET Group’s share of the surplus.
In March 2022, LET Group—then operating under the name Suncity Group Holdings Ltd—reported that Gold Yield Enterprises had defaulted on a US$30-million loan related to the Hoiana casino resort in Vietnam.
Meanwhile, LET Group and its affiliate Summit Ascent encountered regulatory challenges earlier this year. In January, a wave of director resignations rendered both companies non-compliant with the rules of the Hong Kong Stock Exchange. This turmoil followed an attempted sale of the gaming license for Tigre de Cristal. As a result, the exchange suspended their stock trading in February. Moreover, Hong Kong’s Securities and Futures Commission launched an investigation into both companies for potential rule violations. Eventually, the prospective Russian buyer pulled out of the deal.
Despite these recent obstacles, LET Group continues to expand aggressively. It indirectly controls Suntrust Resort Holdings Inc., a Philippine firm preparing to open its main hotel casino at Westside City in Manila in Q1 2025. The property sits between Okada Manila and Solaire Resort in Entertainment City. It could potentially introduce an online gaming platform in the near future. However, LET Group has not confirmed this yet.
