Hong Kong-listed LET Group recently released its annual financial report, announcing a significant adjustment to its asset structure, focusing entirely on the Philippine gaming industry, especially the LETX integrated resort project in Manila's "Westside City".
The chairman of the group's board, Luo Qibang, stated that the Philippine market will become the strategic core of the group's future, with the LETX project being the main focus and hope for development. Luo Qibang emphasized that the integrated resort industry in the Philippines is facing a new round of opportunities, and the group aims to secure a position in this field.
Meanwhile, LET Group has also initiated a "slimming" plan, preparing to divest its interests in the "Crystal Tiger Palace" hotel casino in Vladivostok, Russia. Due to the ongoing Russia-Ukraine conflict, this project has stalled, and its future prospects are bleak. Additionally, the group has completely withdrawn from the Hoi An South Coast Golf Resort partnership project in Vietnam, which reported losses in the 2024 fiscal year and completed the dissolution of the joint venture in December 2024.
Despite betting heavily on the Philippine market, the financial report also admits that the group is currently facing financial pressures. Particularly in the construction of the main hotel casino at LETX, the group's existing financing capabilities may be insufficient to fully support it, and the uncertainty in the ratio of current assets to liabilities poses a potential challenge to the group's ongoing operational capabilities.
Nevertheless, Luo Qibang remains optimistic. He believes in the growth potential of the Philippine gaming and tourism industry and calls on investors to share a positive outlook on LET Group's long-term vision, welcoming the upcoming market changes and development opportunities.
