One of the biggest investments in the online casino gaming and hospitality industries in the Philippines, this project solidifies Entertainment City’s standing as a top destination for integrated resorts.
Suntrust recorded a net loss of PHP477.6 million (about $8.1 million) for the first nine months of 2024, despite the project’s encouraging scope. The financial strains involved in finishing the creation of this scale were reflected in operating expenses, which increased by 66.6% year over year to PHP493.3 million during this time.
Casino Gaming is Lifeblood for Philippine Economy
Earlier this year, the company obtained two different loans totaling $55 million from its parent company, LET Group Holdings. These monies were set aside to pay for the main hotel and casino gaming development as well as project expenses.
Megaworld Corporation, a division of Alliance Global Group, owns 33.6% of Suntrust, while LET Group, led by tycoon Andrew Lo Kai Bong, owns 51.2%. The complex’s gambling license is provided by Travelers International Hotel Group, a division of Alliance Global. This partnership demonstrates the strong support from prominent figures in the local gaming and real estate industries.
Regulatory Trust and Strategic Alliances
The Philippine Amusement and Gaming Corporation (PAGCOR) is supporting the initiative. Alejandro Tengco, the head of PAGCOR, stated in June that he was certain the project would eventually be completed, noting Travelers International’s promises to use its gaming license and to see the resort fully functioning.
