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Manila Bulletin devider Business devider The Stock Market devider Suntrust losses rise as casino slated to open in Q4 2025

Suntrust losses rise as casino slated to open in Q4 2025

Published Nov 18, 2024 01:42 am

Suntrust Resort Holdings Inc., a partnership between LET Group Holdings and Megaworld Corporation, reported that its net loss increased 15 percent to P477.56 million in the first nine months as it continues to spend for the development of its $1.1 billion resort and casino project in Parañaque.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said costs and expenses rose 27 percent to P527.12 million from P414.58 million last year but this was partially offset by a foreign exchange gain of P49.55 million.

Suntrust is now aiming to start operating its five-star hotel and casino (Main Casino Hotel) in the fourth quarter of next year. As at Sept. 30, 2024, the construction of structural works and major facade systems up to roof level has been completed.

It added that the mechanical, electrical, and plumbing and fire protection systems in major plantrooms have been substantially completed and part of the system has commenced testing and commissioning. Architectural builders and fit-out works, and external civil works are in progress.

On Oct. 28, 2019, Suntrust entered into a co-development agreement with Westside City Resorts World Inc. wherein Suntrust shall finance the development and construction costs for, and would be appointed as the exclusive operator and manager of the operations of Main Hotel Casino located at Manila Bayshore Integrated City, Paranaque City.

Megaworld used to be Suntrust's major stockholder with 42 percent direct ownership interest in the Parent Company until the acquisition by Fortune Noble Limited in 2019 of an aggregate of 1.15 billion Suntrust shares representing a 51 percent interest.

Accordingly, Fortune Noble became the parent company of Suntrust and its subsidiaries (the Group). Fortune Noble is incorporated in the British Virgin Islands (BVI) and is a subsidiary of LET Group Holdings Limited, a publicly listed company in Hong Kong.

Major Success Group Limited, a company incorporated in the BVI, is the parent company of LET Group. The principal activity of Major Success is investment holding.

LET Group and its subsidiaries are principally engaged in, through Suntrust and its subsidiaries, the development and operation of the Main Hotel Casino; through Summit Ascent Holdings Limited (SA Holdings) and its subsidiaries, the operation of the hotel and gaming business in the Integrated Entertainment Zone of the Primorye Region in the Russian Federation; and property development in Japan.

Related Tags

Megaworld Corporation Suntrust Resort Holdings Inc. LET Group Holdings
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