Suntrust Resort Reviews Pagcor Accreditation Application

Suntrust Resort Holdings is reviewing a possible entry into Philippine online gaming as part of a wider plan to repair its balance sheet before the Westside City casino opens.

Good to Know

• Suntrust Resort reported a PHP21.54 billion equity deficit.
• Westside City commercial operations remain targeted for Q3 2026.
• Any Pagcor application has no confirmed timetable or financial value.

Online Gaming Joins Six Point Recovery Plan

A Suntrust Resort project entity could apply to become a Pagcor-accredited gaming system administrator. Such accreditation allows an approved company to provide electronic gaming services under the Philippine domestic online gaming framework.

“The company’s relevant project entity is considering applying as a Pagcor-accredited gaming system administrator,” Suntrust Resort said.

However, management has not committed to an application.

“The financial impact and definitive timetable of this application is not yet determinable. The company will make the appropriate disclosures to the exchange as developments warrant.”

Online gaming forms only one part of the recovery plan. Other options include converting outstanding bonds into perpetual convertible instruments, increasing authorised capital and raising equity from new investors.

Suntrust Resort linked its negative equity mainly to years of construction, financing and pre-opening costs at Westside City. Accounting treatment for convertible bonds and related-party advances also added to reported liabilities.

The company posted first-quarter net income of almost PHP17 million, reversing a PHP84.3 million loss from one year earlier. Even so, the equity deficit remained near PHP21.54 billion.

Westside Opening Carries Most of the Recovery Case

Commercial operations at the $1.25 billion Westside City hotel and casino remain scheduled for the third quarter of 2026. Suntrust Resort expects future dividends from its indirect project interest to improve its financial position after opening.

Travellers International Hotel Group now holds the larger development role. The company said in September 2025 that Westside City still required up to $450 million to reach completion.

Pagcor already accredits a long list of gaming system administrators, including casino groups such as Travellers International and Tiger Resort, Leisure and Entertainment. Suntrust Resort would therefore enter an established but crowded domestic online gaming market.

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