Suntrust Resort posts net loss of US$9.68m for Q2
The loss was up 238.4 per cent when compared to the same quarter of 2023.
The Philippines.- Suntrust Resort Holdings, a subsidiary of LET Group Holdings, has shared its financial results for the second quarter of the year. The company posted a net loss of PHP555.51m (US$9.68m), down 31.55 per cent when compared to the first quarter of the year but up 238.4 per cent when compared to the same quarter of 2023.
As the group’s only activity at present is the development of its Westside City project, it posted a net revenue of just PHP3,121 (US$54) for the second quarter of the year. Operating expenses halved quarter-to-quarter, totalling PHP179.33m (US$3.12m).
The Westside City Project is now expected to open in the first quarter of 2025. 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.
According to the company, as of June 30, the construction of structural work and major façade systems up to roof level have been completed. The mechanical, electrical plumbing and fire protection systems in major plant rooms have been substantially completed and part of the system has commenced testing and commissioning.
