LET Group committed to growth in Asian market
The company says it is committed to creating world-class integrated resorts for the rising middle class in Asia.
Hong Kong.- LET Group Holdings Ltd, the former Suncity Group Holdings, has issued a statement reaffirming its commitment to the Asian market and cautious optimism about its long-term strategic positioning.
The company said it aims to devote resources to building world-class integrated resorts for Asia’s emerging middle classes. It appears that the company sees the Philippines as the country with the highest potential to generate returns with minimal risk.
In the Philippines, LET Group continues to focus on the construction of the Westside City Project. According to its latest report, over 1,500 construction workers are working on-site.
When all phases are complete Westside City Project will have approximately 300 gaming tables, over 1,300 electronic gaming machines and over 450 five-star hotel rooms. Completion is scheduled for 2024.
In Vietnam, the Hoiana club resort benefits from owning the development rights to over 985 hectares in Hoi An province. As the company continues to design and build future phases of the resort, it may consider selling the land to developers so companies can co-develop the proposed villas, shopping areas and other amenities.
In light of Vietnam’s “Live with Covid-19” strategy, the gradual resumption of international flights to Vietnam and Hoiana’s promise to become one of the top integrated resorts in the country, the company remains optimistic that Hoiana’s operating performance will significantly improve.
Regarding Russia, Tigre de Cristal contributed revenue from gaming and hotel operations of approximately HK$177.9m and nearly HK$198.2m in gross gaming revenue (GGR) in the first half of the year.
LET Group stated: “The company will continue to assess the impact of economic sanctions against the Russian Federation on the financial position and operations of the Group.”
It added: “The group will continue to offload assets to aid survival by focusing on the most profitable business segments only, and may consider selling land in Japan as well as other assets.”
