In its second quarter 2023 earnings report submitted with the Philippine Stock Exchange on August 14, Suntrust Resort Holdings Inc. the company listed behind the new Philippines US$1.1 billion casino and hotel project, claimed that the said Manila project construction arrived at the “roof level” since June 30. Additionally, the company also confirmed again its intention to officially debut its casino-hotel business in the fourth quarter of 2024.
The facade of the podium is still unfinished:
In the aforementioned earnings report, Suntrust, previously known as Suntrust Home Developers Inc., the company said to be responsible for the aforementioned casino & hotel project development by LET Group Holdings Ltd, which was listed by Hong Kong and is previously known as Suncity Group Holdings Ltd., and related institutions, added that “the podium façade works are in progress.”
Additionally, Suntrust also said that “architectural works and finishes are in progress,” in the aforementioned report. However, during the previous month, the company’s Board of Directors validated a loan of US$5-million from LET Group. In that regard, at the time, the company commented: “The loan would help fund project costs and construction of the hotel casino at Westside City.”
Layout of the casino and hotel:
Once completed, the aforementioned new casino and hotel project, which is officially part of the larger Westside City project by Westside City Resorts World Inc. and Travellers International Hotel Group Inc., will include 460 rooms with five stars as well as a casino space that it said “would cater to both mass and VIP markets,” in compliance with the information formerly revealed by the company.
Net loss in the second quarter:
As for the second quarter earnings, Suntrust reported a PHP164.1 million, which is approximately US$29 million, net loss, in comparison to a PHP255.1 million net loss in the 2022 period.
Suntrust Resort Holdings Inc. deals with real estate development. It operates through the tourism-related business, property management and rental segments. The tourism-related business segment develops and operates the main hotel casino. The property management and rental segment relates to the operations, control of, and oversight of commercial, industrial, or residential real estate. The company was established and officially launched on January 18, 1956 and is based in Taguig City, Philippines.
Furthermore, Suntrust is 51-percent owned by integrated resort operator LET Group Holdings Ltd. Given the company’s focus on tourism development, it is projected to hire extra workers to back up the development, construction, and operations of its tourism-related operations.
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