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Manila Bulletin devider Business devider The Stock Market devider Andrew Tan's group assumes control of Westside Resort as Suntrust reduces stake

Andrew Tan's group assumes control of Westside Resort as Suntrust reduces stake

Published Sep 1, 2025 02:31 pm
Andrew Tan
Andrew Tan
Andrew Tan’s Travellers International Hotel Group Inc. is taking majority control over the development of the Westside Integrated Resort, as its foreign-controlled partner Suntrust Resort Holdings Inc. has agreed to reduce its stake in the project to 20 percent due to financial challenges.
In a disclosure to the Philippine Stock Exchange, Suntrust said its Board of Directors “authorized the company to pursue a strategic working agreement with Travellers International Hotel Group, Inc., Westside City Inc., Westside Bayshore Holding Corporation, and Entertainment City Resorts Corporation (ECRC).”
The agreement aims to expedite the completion of the now-expanded, but previously delayed, Westside Integrated Resort Project, located in Entertainment City, Parañaque City.
In the agreement, Suntrust will effectively hold a 20 percent indirect interest in ECRC, and “To ensure the timely construction, development, completion and operation of the Westside Integrated Resort Project, ECRC will assume all rights and obligations related to the project.”
Unicapital Securities Research Analyst Jeri Alfonso said, “The takeover shows Travellers’ confidence in the Westside project, though it’s worth highlighting that their flagship Newport World Resorts has already been facing softer momentum, with GGR (gross gaming revenues) declining quarter-on-quarter in the first half of 2025.”
She noted that, “Back in 2024, Westside City was expected to help reignite demand across integrated resorts, driven by the ‘gambler’s psychology’ where new properties draw foot traffic and generate spillover effects for nearby casinos.
“However, with the rapid growth and stickiness of online gaming, momentum now tilts toward digital platforms. We think Suntrust may struggle to get the kind of traffic it wants, since most of it seems to be heading online these days.”
Abacus Securities Corporation Vice President and Head of Research Nicky Franco pointed out that the announcement failed to disclose some important details; thus, the parties involved should clarify these matters.
Among these is the issue of compensation, if any, received by Suntust from ECRC in exchange for transferring all rights and obligations related to the project.
Also undisclosed was the identity of other ECRC shareholders and their respective stakes in the company as well as the original economic interest of Suntrust in the Westside project.
He also said that Suntrust should also clarify if this development will affect the timeline for the completion and opening of Westside which has recently been delayed to the third quarter of 2026 instead of December 2025.
The Westside Integrated Resort Project is planned to be a world-class integrated resort consisting of 5-star hotel, casino, mall, and theater complex, envisioned to be the Broadway of the Philippines.
Among its offerings are Artists Promenade, the iconic Grand Opera House and the Apollo, Bohemia and Crown theaters all of which are dedicated to Philippine performing Arts.
Based on its revised Project Implementation Plan (PIP), completion and opening of the Westside City Main Casino is targeted for the third quarter of 2026 instead of later this year.
Last July, Suntrust said it was in the process of reviewing plans and actual construction status which may impact its previous launch estimate of December 2025. As at March 31, 2025, the construction of structural works and major facade systems up to roof level has been completed.
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, external civil and landscape works are in progress. Likewise, defects check, and punch lists have been commenced on several back-of-house areas.
Tan’s Megaworld Corporation used to be the Suntrust’s major stockholder with 42 percent direct ownership interest until the acquisition by Fortune Noble Limited (Fortune Noble) in 2019 of a 51 percent interest.
Fortune Noble is incorporated in the British Virgin Islands 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.
Major Success, through Summit Ascent Holdings Limited and its subsidiaries, operates the hotel and gaming business in the Integrated Entertainment Zone of the Primorye Region in the Russian Federation; and is also engaged in property development in Japan.

Related Tags

Andrew Tan Travellers International Hotel Group Inc. Suntrust Resort Holdings Inc. Westside Integrated Resort
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