Suntrust lays out P3.2B into Westside casino and hotel project
Suntrust Resort Holdings Inc. has injected P3.2 billion in the delayed Westside City integrated casino. This enables the firm to take a minority stake in the $1.25-billion project and cede control to a subsidiary of Andrew Tan-led Alliance Global Group Inc. (AGI).
In a disclosure on Thursday, Suntrust said it had subscribed to 400 million common shares of Westside Bayshore Holding Corp. (WBHC), equivalent to a 40-percent stake.
Suntrust is owned by Hong Kong-based LET Group Holdings Inc. WHBC is a subsidiary of Travellers International Hotel Group Inc.
“The acquisition forms part of Suntrust’s broader corporate restructuring plan, which involves shifting its strategic focus toward holding investments in the tourism and gaming sectors,” Suntrust told the local bourse.
Suntrust’s investment in WBHC gives it a 20-percent indirect stake in Entertainment City Resorts Corp. (ECRC), which has taken over the development of Westside City. Travellers will take majority control.
Earlier this week, Suntrust announced it had signed a “strategic working agreement” with Travellers, Westside City Inc. and ECRC to expedite the completion of the long-delayed Westside City project.
The project will consist of a five-star hotel, casino, mall and theater complex.
In June, Suntrust confirmed the opening of the main hotel casino was again delayed to the third quarter of 2026 from its previous estimate of December 2025. The firm said it was still reviewing plans and “actual construction status.”
It was originally set to open in 2022, but parent firm LET Group faced heavy financial strain to complete the project.
LET Group narrowed its net loss in the first half of the year to 34.25 million Hong Kong dollars from 75.28 million in the same period last year.
Suntrust in April issued P8.63 billion in new convertible bonds to a subsidiary of affiliate Summit Ascent Holdings Ltd. Should all bonds be converted into equity, the LET Group, which is the controlling shareholder of Summit Ascent, will increase its interest in Suntrust to as much as 89.8 percent from 51 percent.
Once operational, it will be the fourth casino hotel within Entertainment City. The others are Solaire Resort and Casino, City of Dreams Manila and Okada Manila.
