Andrew Lo Appointed President of Suntrust Resort Holdings Inc, Succeeding David Chua

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Andrew Lo Appointed President of Suntrust Resort Holdings Inc, Succeeding David Chua

Suntrust Resort Holdings Inc. has named Andrew Lo Kai Bong its new president following David Chua Ming Huat’s sudden departure. This leadership transition was announced in a filing to the Philippines Stock Exchange on Tuesday, bringing significant change to the Manila-based developer.

New leadership at Suntrust:

Andrew Lo, who holds a substantial 72.1-percent stake in the company’s parent firm, LET Group Holdings Ltd, steps into his new role as Suntrust advances its major development project—a hotel casino at Westside City in Manila. This venue is expected to open in the first quarter of 2025. Suntrust is majority-owned by LET Group, which holds 51.2 percent of the company, while Megaworld Corp owns 33.6 percent.

According to Asia Gaming Brief, the announcement also detailed that Chua’s retirement was effective from Monday, stating, “He has relinquished all his duties and responsibilities as director and president of the company on said date.”

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This transition occurs amid broader shifts within the Alliance Global Group Inc, which has been realigning its executive team. Alliance Global, which owns a significant stake in Megaworld, had previously collaborated with the Malaysian conglomerate Genting Group at the Newport World Resorts casino complex in Manila. According to GGRAsia, this partnership ended after Genting Hong Kong, a subsidiary of the Genting Group and an operator of casino cruise ships, entered liquidation in January 2022. The complex, formerly known as Resorts World Manila, was subsequently rebranded as Newport World Resorts following the acquisition of Genting Hong Kong’s stake by Alliance Global.

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Last month, Alliance Global announced a further leadership shake-up at Newport World Resorts as part of a year-long transition plan following their full acquisition. This involved the departure of several executives previously associated with Genting Hong Kong, including David Chua, who had ties to the Genting Group and served as president of Genting Hong Kong from May 2007 to January 2015.

The changes at Newport World Resorts underline the evolving landscape of the gaming industry in Manila. The end of the Alliance Global and Genting partnership, followed by the rebranding, highlights the significant shifts in the management and strategic directions of major gaming entities in the region.

Future outlook for Suntrust:

Andrew Lo’s appointment as president of Suntrust marks a new chapter for the company. Lo’s extensive experience and substantial ownership stake in LET Group Holdings Ltd are seen as advantageous for steering Suntrust towards its future goals, particularly the successful launch of the Westside City hotel casino, as Inside Asian Gaming reports. The Philippine Amusement and Gaming Corp (Pagcor) has received assurances regarding the timely opening of this significant project.

As Suntrust moves forward under Lo’s leadership, the company is expected to navigate the competitive gaming and hospitality market with renewed vigor. The Westside City project, envisioned as a premier destination, aims to attract both local and international visitors, bolstering Manila’s position as a key player in the global gaming industry.

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