LET Group Holdings, previously known as Suncity Group, is doubling down on its $1.25 billion investment in the Westside City integrated resort in Manila. Despite growing questions about its ability to fund the project through to completion, the company has turned its full attention to the Entertainment City development after pulling out of Vietnam’s Hoiana and beginning the sale of its stake in Russia’s Tigre de Cristal.
The group identified Westside City as its most promising asset and redirected its strategy accordingly. It pointed to significantly higher projected returns compared to its former ventures. To strengthen this pivot, LET Group emphasized the advantage of building in a zone where the Philippine government has already ruled out issuing new gaming licenses. That regulatory ceiling boosts the long-term value of its Westside City footprint and reinforces the project’s strategic importance.
LET Group continues to drive construction forward, but it has moved the expected completion date from late 2025 to the third quarter of 2026. By the end of 2024, the company had secured approximately HK$1.87 billion (US$238 million) in available borrowings, which slightly trailed the committed project cost of HK$1.89 billion (US$241 million). However, that estimate came before the company acknowledged a rise in project costs—hinting that a larger funding shortfall may follow.
Even as progress continues on the ground, the company acknowledged that its current financing may fall short of what’s needed to finish the main casino and hotel. That warning comes after LET Group defaulted on a HK$137.5 million loan repayment, which remains outstanding. It also cautioned that missing its original 2025 deadline could trigger another loan default.
Still, LET Group maintains confidence in its ability to cover the funding gap. It aims to negotiate new terms with lenders and unlock liquidity through asset sales, including its remaining interest in Tigre de Cristal. Despite the pressure, the company believes that its realigned focus and restructuring strategy will generate the capital required to complete the development. In its FY24 report, LET Group posted revenue of HK$414.5 million (US$52.8 million)—all of which came from the Russian property. Although the company now plans to exit that market entirely, its priorities remain clear: complete LET X in Manila and ride the momentum of the expanding Philippine gaming sector.
