Suntrust Resort posts net loss of US$4.6m for Q2

The company also provided an update on the development of the Westside City Project.

The Philippines.- Suntrust Resort Holdings, Suncity Group’s subsidiary in the Philippines, has shared its financial results for the second quarter of the year. It’s posted a net loss of PHP255.1m (US$4.6m).

The company also provided an update on the development of the Westside City Project in the Philippines. It said that by June 30, the pile top, ground floor, and first and second floors of the hotel-casino had been completed, while work on the basement was “in progress”.

As of June 30, Suntrust Resort has committed nearly PHP21.98bn (US$393m) to build the hotel’s main casino. The US$1bn project is set to include 400 gaming tables and 1,200 slot machines, 400 five-star hotel rooms and 960 parking spaces covering 44,000 square metres.

Suntrust Home Developers is indirectly 51 per cent owned by Suncity Group Holdings Ltd, which was run by Macau junket boss Alvin Chau Cheok Wa until his resignation in early December following his arrest over cross-border gambling and money laundering accusations.

Macau’s Court of First Instance is due to open proceedings in the trial of Alvin Chau Cheok Wa on September 2. The trial will involve 20 defendants, including Alvin Chau Cheok Wa. The gaming billionaire has been indicted for allegedly founding and leading a criminal group and for money laundering. He was arrested in November 2021 together with 11 others.

According to TDM Radio, Chau Cheok Wa could face between eight and 15 years in prison for the alleged crimes.