Suntrust Resort Holdings net loss down 41% for Q3
Suntrust Resort Holdings’s net loss fell to PHP414.48m.
The Philippines.- Suntrust Resort Holdings has reported that its net loss for Q3 was PHP414.48m (US$7.43m). That’s a reduction of 41 per cent year-on-year. Suntrust is indirectly 51 per cent owned by Suncity Group Holdings, which was run by Macau junket boss Alvin Chau Cheok Wa until his resignation in December following his arrest on cross-border gambling and money laundering accusations.
The focus of Suntrust Resort Holdings is the ongoing development of the Westside City Project, an integrated resort in Manila. The US$1bn project is to include 400 gaming tables and 1,200 slot machines, 450 five-star hotel rooms and 960 parking spaces.
According to the group’s latest filing, it aims to launch the hotel-casino by the fourth quarter of 2024. In September, the company commenced the recruitment process for operations at the integrated resort.
