LET Group revenue up 34% in 2022

LET Group Holdings has recorded revenue of HK$394.3m (US$50.23m) for 2022.

Hong Kong.- LET Group Holdings has shared its financial results for the year 2022. Revenue was up 34 per cent on year-on-year terms to HK$394.3m (US$50.23m). The company posted an annual loss attributable to shareholders of just under HK$408.8m (US$52.1m).

The company attributed its loss to costs and expenses from continuing operations, mainly finance costs, a share of loss in a joint venture and impairment loss on equity loans. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rebounded to HK$77.5m (US$9.87m), compared to negative HK$13.3m (US$1.69m) in the previous year.

LET Group’s subsidiary Summit Ascent Holdings Ltd, which owns 77.5 per cent of the Tigre de Cristal casino resort in Vladivostok in eastern Russia, contributed revenue of HK$372.3m.

The company is focused on developing a casino hotel in Manila through its subsidiary Suntrust Resort Holdings Inc. The Westside City project is planned to open in a soft launch before the end of 2024 with a full launch to follow in 2025. 

The hotel will have 450 rooms and feature 300 gaming tables and over 1,300 electronic gaming machines. Suntrust Resort Holdings has said it will secure a loan from a local financial institution to provide the necessary capital to deliver “a world-class integrated resort experience unparalleled in the region.”

LET Group has also said that it is in the planning stages of Phase II of its Hoiana casino resort in Vietnam.

Lo Kai Bong, the company’s chairman, said: “Through restructuring our assets with the highest and best use principle in mind, we will concentrate our resources in the Philippines gaming market, specifically on the development of the Westside City project. 

“We firmly believe that this project is the cornerstone of our future success, as we strive to seize new growth opportunities in the Philippine integrated resort market.”