Suntrust Resort Holdings Inc reported that as of the end of the first quarter, the development progress of their casino hotel in Manila, Philippines has achieved level 10. The company, formerly known as Suntrust Home Developers Inc, is developing this project with LET Group Holdings Ltd and other entities, with plans to begin operations in 2024.
The construction of the structural works up to level 10 was successfully completed by the end of March, according to Suntrust Resort’s first quarter results announcement filed with the Philippine Stock Exchange. The company also stated that work on the podium façade is progressing, and that important mechanical, electrical, and plumbing equipment has already been delivered to the construction site.
Suntrust Resort said in its first quarter results announcement, filed to the Philippine Stock Exchange on Friday, that “the construction of structural works up to level 10” had been completed as of March-end. “The podium façade works are in progress,” it added.
“The major mechanical, electrical, and plumbing equipment has been delivered to the construction side.”
The casino hotel is part of the bigger Westside City development and will include 460 five-star rooms. Suntrust Resort earlier stated that the business intends to appeal to both mass-market and VIP clientele. The total cost of the project is projected to be around $1 billion.
Suntrust posted a net income of PHP92.6 million for the first quarter, a substantial increase over the PHP194.3-million loss recorded in the same time previous year, according to the company’s most recent results filing.
In recent developments, LET Group stated its aim to seek financing for the completion of Suntrust’s casino hotel. Through Suntrust Resort, the company intends to seek financial support from a local financial institution. The development progress and strong financial results show that Suntrust Resort’s Manila casino hotel project has a bright future. As the company grows, it stays committed to providing a luxurious and high-quality experience for its visitors in the next years.
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