Suntrust Resort posts net loss of US$4.5m for Q1

Suntrust Resort posts net loss of US$4.5m for Q1

The company attributed the loss to an increase in costs.

The Philippines.- LET Group Holdings has shared the financial results of Philippine subsidiary Suntrust Resort Holdings for the first quarter. Its net loss reached PHP256.1m (US$4.5m) due to an increase in operating expenses, tax expenses, and finance costs. 

Suntrust Resort Holdings recently extended the closing date on a deal to raise up to PHP13.51bn (US$235.2m) to fund its Westside City project. The deadline has been pushed back by 12 months to April 30, 2025. 

The Westside City Project is expected to open in the first quarter of 2025. The company had originally planned a 2023 opening. The US$1bn project is set to include 400 gaming tables and 1,200 slot machines, 450 five-star hotel rooms and 960 parking spaces.

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LET Group Holdings Suntrust Resort