Suntrust pushes 2025 launch of 4th casino complex
Suntrust Resort Holdings Inc., which is partially owned by billionaire Andrew Tan’s Megaworld Corp., is set to open Entertainment City’s fourth casino hotel in 2025 as the company seeks to recover from another year of losses.
The company is currently developing the $1-billion Westside City Resorts, another five-star hotel and casino that will rise along Manila Bay near Solaire Resort and Casino, City of Dreams Manila and Okada Manila.In a stock exchange filing, Suntrust noted that structural works and construction of the tower facade up to the roof-level had already been completed.
Major technical, electrical and plumbing equipment, meanwhile, are currently being installed in preparation for the 2025 opening target.
Suntrust, owned by Hong Kong-based LET Group Holdings (formerly Suncity Group Holdings), in 2020 entered into an agreement with Megawide Construction Corp. to develop the hotel and casino.
It is slated to have 475 luxury hotel rooms and suites, and 1,000-seat and 800-seat theaters. The casino is also expected to have 281 gaming tables, 1,126 slot machines and 134 electronic table games.
Suntrust narrowed its net loss in 2023 to P348 million, a 38-percent improvement from P557 million in 2022 as revenues improved, its latest financial report to the Philippine Stock Exchange showed.In June 2023, the company sought a P25-billion loan from Sy-led China Banking Corp. to bankroll the completion of the project.This is in addition to the $6-million loan it secured from Major Success Group Ltd., another Hong Kong-based company, in May. Major Success is the holding company of the LET Group. INQ
