Philippine gaming operator Suntrust Resort Holdings Inc. announced its latest financial report, stating that as of June 30, 2025, the company has accumulated a loss of 4.76 billion pesos (approximately 85.2 million USD). Despite management's emphasis that this will not shake its ongoing operations, the substantial losses, sharp drop in cash, and high investment in projects have raised market concerns about its POGO project and the Westside City Integrated Resort project.
Suntrust, a subsidiary of the Hong Kong-listed company LET Group, is currently developing the main hotel casino project "Westside City/LETX Resorts" valued at 1.1 billion USD. The financial report indicates that the increase in losses is mainly due to rising development costs, but the company insists that the project will contribute to revenue upon completion and will not affect the long-term outlook.
Data shows that the net loss for the first half of 2025 was 1.313 billion pesos (approximately 23.5 million USD), with cash reserves plummeting from 3.42 billion pesos at the end of 2024 to 1.3 billion pesos (approximately 23.2 million USD), putting liquidity under pressure. The company's construction in progress has reached 40.97 billion pesos (approximately 733 million USD), while unfinished capital commitments remain high at 15.97 billion pesos (approximately 286 million USD).
In terms of financing, Suntrust relies on 18.69 billion pesos of convertible bonds (approximately 335 million USD) and 10.61 billion pesos of bank loans (approximately 190 million USD) for support, but with a high asset-liability ratio of 5.91 and current liabilities of 4.66 billion pesos (approximately 83.4 million USD), financial risks cannot be ignored. Management states that once the resort is operational, the gaming, hotel, and entertainment businesses will provide a stable cash flow.
Meanwhile, the parent company LET Group Holdings announced that it will no longer object to delisting from the Hong Kong Stock Exchange, and trading of its and its partner Summit Ascent Holdings' stocks will cease on August 29, with official delisting starting from September 1. This move may exacerbate external concerns about Suntrust's financing and the fate of its projects.
