Suntrust's $1.1B Westside City Casino Resort to open in late 2025
Suntrust Resort Holdings, the Philippine-listed arm of LET Group Holdings, has announced that it plans to open its long-awaited Westside City, a $1.1 billion integrated resort (IR), in the final quarter of 2025. The development of the resort has been in progress since 2019.
Originally slated for an opening in 2022, the timeline has slipped multiple times due to pandemic disruptions, supply chain delays, and regulatory red tape. With 281 gaming tables, 134 e-gaming units, and over 1,100 slot machines, the IR is aiming to appeal to both high-rollers and everyday guests.
Factors potentially impacting the rollout
The 2024 annual report of Suntrust highlighted several concerns potentially impacting the property’s rollout and long-term outlook. These include possible supply chain issues, inflated construction costs, and delays in licensing or government permits. The management of the company has also noted that global economic shifts could reduce demand for luxury travel and casino gaming.
In June last year, Suntrust secured an additional $17 million loan from its parent company, LET Group. This loan aimed to support the ongoing development of Suntrust’s casino hotel in Parañaque City’s Entertainment City. The loan agreement, approved by Suntrust’s board of directors, stipulated a repayment period of ten years and is expected to positively impact the company’s business operations and financial condition.
The company had also announced last year the appointment of IGT Asia Pte Ltd. as the contractor for its Westside City project. This decision was formalised through an agreement dated October 11, 2024, marking an important step forward in the development of this ambitious integrated resort.
Parent company faces delisting risk
Recently, LET Group’s latest dispatch said that the company faces the risk of delisting. The company’s noted that its shares still remain under a trading suspension at the Hong Kong Exchanges and Clearing Limited (HKEX), with the resumption guidance unchanged, as certain requirements remain unmet.
When independent non-executive director Kwok Kai Bun Bennie stepped down in November 2024, it left a gaping hole in the governance setup. For months, the company struggled to fill this role. Trading of LET Group’s shares was officially halted on 14 February 2024. Shares of Summit Ascent, which is linked to LET Group, also remain suspended.
