{"id":32677,"date":"2022-08-16T05:21:20","date_gmt":"2022-08-16T08:21:20","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32677"},"modified":"2026-04-23T05:50:46","modified_gmt":"2026-04-23T08:50:46","slug":"suntrust-resort-posts-net-loss-of-us4-6m-for-q2","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suntrust-resort-posts-net-loss-of-us4-6m-for-q2","title":{"rendered":"Suntrust Resort posts net loss of US$4.6m for Q2"},"content":{"rendered":"\n

The company also provided an update on the development of the\u00a0Westside City Project.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- Suntrust Resort Holdings, Suncity Group\u2019s 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).<\/p>\n\n\n\n

The company also provided an update on the development of the\u00a0Westside City Project<\/a>\u00a0in 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”.<\/p>\n\n\n\n

As of June 30, Suntrust Resort has committed nearly PHP21.98bn (US$393m) to build the hotel’s main casino.\u00a0The US$1bn project is set to include\u00a0400 gaming tables and 1,200 slot machines<\/strong>, 400 five-star hotel rooms and 960 parking spaces covering 44,000 square metres.<\/p>\n\n\n\n

Suntrust Home Developers is indirectly 51 per cent owned by\u00a0Suncity Group Holdings Ltd<\/strong>, which was run by Macau junket boss\u00a0Alvin Chau Cheok Wa<\/a>\u00a0until his resignation in early December following his arrest over cross-border gambling and money laundering accusations.<\/p>\n\n\n\n

Macau\u2019s Court of First Instance is due to open proceedings in the trial of Alvin Chau Cheok Wa on\u00a0September 2.<\/strong>\u00a0The trial will involve 20 defendants, including\u00a0Alvin 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.<\/p>\n\n\n\n

According to TDM Radio, Chau Cheok Wa could face between eight and 15 years in prison for the alleged crimes. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company also provided an update on the development of the\u00a0Westside City Project.<\/p>\n","protected":false},"author":176,"featured_media":15167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suntrust Resort Holdings, a Suncity Group subsidiary, reported a Q2 net loss of PHP255.1m while progressing on its Westside City Project in the Philippines. Concurrently, the company's indirect majority owner, Suncity Group Holdings Ltd, faces significant governance challenges as its former head, Alvin Chau Cheok Wa, is set for trial in Macau on charges of cross-border gambling and money laundering.","focusai_entities":"Suntrust Resort Holdings, Suncity Group, Suntrust Home Developers, Suncity Group Holdings Ltd, Alvin Chau Cheok Wa, Macau\u2019s Court of First Instance, TDM Radio","focusai_location":"Philippines, Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.95), operator_casino (0.8), payments_fraud_aml (0.9), investor_analyst (0.9), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Project Funding Outlook","query":"Given the Q2 net loss and the ongoing legal challenges faced by Suncity Group's former leadership, what is the revised capital expenditure plan and projected funding timeline for the Westside City Project, and how might these factors impact its targeted completion and operational launch?"},{"label":"Governance Impact","query":"Beyond the immediate legal proceedings, what long-term governance reforms and risk mitigation strategies are being implemented across Suncity Group's remaining assets to address the systemic issues highlighted by the Alvin Chau Cheok Wa case and restore investor confidence?"}],"footnotes":""},"categories":[163,16333],"tags":[22948],"class_list":["post-32677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-suntrust"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=32677"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32677\/revisions"}],"predecessor-version":[{"id":32684,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32677\/revisions\/32684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/15167"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}