The Philippines will get a new casino hotel next year! A long-expected Suntrust Resort Holdings Inc will be opened in Manila as a part of the Westside City Project developed by Westside City Resorts World Inc and Travellers International Hotel Group Inc.
Estimated opening in 2024:
The plans for the new casino hotel building are progressing as planned, so it is estimated that the work on the construction will be completed next year when the casino will be opened for visitors.
On Tuesday, the company published its Annual Report, and Suntrust claims that so far, there aren’t any unpredicted events, material issues, or uncertainties that can delay the opening of the building.
Suntrust Resort, which is well-known by its former name Suntrust Home Developers Inc, will be built by LET Group Holdings Ltd from Hong Kong. The company also changed its name from Suncity Group Holdings Ltd.
The hotel will be able to serve different types of visitors, including mass market and VIP guests. There will be 460 five-star rooms, so everyone can enjoy amazing accommodations. The project will cost about US$1 billion, as the company announced to the Philippine Stock Exchange.
For the ones who will visit the property because of the casino, great fun will await. There will be 400 gaming tables and 1.200 slot machines, so the players will be able to choose what suits them best.
Without money issues:
Until December 31, 2022, the company spent US$117.7 million, or PHP6.4 billion, on the construction of the hotel. Suntrust has filled its earnings filling, and per the filling, the company’s net loss is PHP557.1 million, which is more than in 2021, when the net loss was PHP504.9 million. However, the company claims it doesn’t have any cash flow or liquidity problems that can possibly impact the building of the casino hotel.
Despite the company’s claims, Suntrust hasn’t paid PHP336 million (US$6.2 million) in interest to Summit Ascent Holdings, another investor. The company was supposed to pay on convertible bonds at the end of 2020. They were communicating with Summit Ascent Holdings about that money at the moment, but we don’t know the recent updates. Summit Ascent is another company in ownership of LET Group.
When Westside City is completed and opened to the public, it will be the fifth integrated resort that can welcome visitors to Manila and the Entertainment City precinct. Along with Westside City are City of Dreams Manila, Newport World Resorts, Okada Manila, and Solaire Resort & Casino.
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