The highly anticipated $1.1 billion hotel and casino project in Manila’s Entertainment City by Suntrust Resort Holdings, a subsidiary of LET Group, has been pushed back to the fourth quarter of 2025. Initially targeting a late 2024 debut, the project had already been rescheduled for 2025, but the company’s latest quarterly report provides a more specific timeline, suggesting additional delays for the precinct’s fifth integrated resort.
According to Suntrust’s filing for the third quarter of 2024, cited by Inside Asian Gaming, significant progress has been made on the structural and façade work for the main hotel and casino complex, with key mechanical, electrical, plumbing, and fire protection systems nearing completion. Some systems have even begun testing and commissioning. However, ongoing architectural and external civil works mean the project’s operational readiness is still some time away.
“Management aims to commence the operations of a five-star hotel and casino establishment (Main Hotel Casino) in the fourth quarter of 2025,” the report stated, signaling an extended timeline for completion.
Project Scope and Features
Set to become a cornerstone of LET Group’s portfolio and supported by its affiliate Summit Ascent, the Suntrust hotel and casino project will feature an expansive suite of luxury amenities. The completed development will offer 475 upscale hotel rooms, a casino with 281 gaming tables, 1,126 slot machines, and 134 electronic table games. Beyond gaming, the facility will boast a pool deck, spa, wellness center, ballroom, MICE spaces, multiple theaters, a grand opera house, a food mall, and four cinemas, making it a multifaceted entertainment destination.
This project represents one of the largest investments in the Philippines’ gaming and hospitality sector, reinforcing Entertainment City’s status as a premier location for integrated resorts.
Financial and Operational Challenges
Despite the promising scope of the project, Suntrust reported a net loss of PHP477.6 million (approximately $8.1 million) for the first nine months of 2024. Operating expenses during this period rose by 66.6% year-on-year to PHP493.3 million, reflecting the financial pressures associated with completing the development of this scale.
The company has received financial support from its parent firm, LET Group Holdings, through two separate loans earlier this year totaling $55 million. These funds were allocated to cover project costs and the construction of the main hotel and casino.
LET Group, chaired by businessman Andrew Lo Kai Bong, holds a 51.2% stake in Suntrust, while 33.6% is owned by Megaworld Corporation, a subsidiary of Alliance Global Group. Alliance Global’s unit, Travellers International Hotel Group, provides the gaming license for the complex. This collaboration underscores the significant backing from major players in the region’s gaming and real estate sectors.
Regulatory Confidence and Strategic Partnerships
The project is supported by the Philippine Amusement and Gaming Corporation (PAGCOR). In June, PAGCOR head Alejandro Tengco expressed confidence in the project’s eventual completion, citing assurances from Travellers International regarding the use of its gaming license and the commitment to seeing the resort fully operational.
“I am very confident that the project will open, primarily because they’re using Travellers’ licence,” Tengco stated during an interview, according to GGRAsia. He further emphasized his discussions with the top management at Travellers, who assured him of their dedication to completing the project.
In addition to regulatory support, Suntrust announced a $5.3 million agreement with International Game Technology (IGT) in October to provide and maintain gaming equipment for the resort. This deal highlights ongoing efforts to ensure that the casino component of the development is outfitted with state-of-the-art gaming solutions.
