Major Delay in Manila’s $1.1 Billion Hotel and Casino Project Set for Late 2025 Opening
The excitement surrounding the $1.1 billion hotel and casino project in Manila’s Entertainment City has hit a snag, with developers Suntrust Resort Holdings, a subsidiary of the LET Group, announcing that the grand opening has been pushed back to the fourth quarter of 2025. Originally aiming for a late 2024 inauguration, the timeline has since been changed several times, reflecting the complexities of developing the precinct’s fifth integrated resort.
Project Progress: A Glimpse into the Future
In their third-quarter filing for 2024, Suntrust shared that substantial strides have been made regarding the structural and façade aspects of the main hotel and casino complex. Key systems including mechanical, electrical, plumbing, and fire protection are approaching completion, with some starting commissioning tests. However, the report urged caution, noting that ongoing architectural and civil works indicate that the project’s operational readiness is still a considerable way off.
“Management aims to commence the operations of a five-star hotel and casino establishment (Main Hotel Casino) in the fourth quarter of 2025,” the report confirmed, highlighting the extended timeline for a project of this magnitude.
An Integrated Resort with Luxury Amenities
The Suntrust hotel and casino promises to be a beacon in LET Group’s portfolio, bolstered by its affiliate, Summit Ascent. The completed development is set to feature a lavish array of amenities aimed at establishing itself as a key player in Manila’s entertainment landscape. Guests can anticipate 475 luxurious hotel rooms, complemented by a casino offering 281 gaming tables, 1,126 slot machines, and 134 electronic table games. Beyond gaming, the facility will house a pool deck, a full-service spa and wellness center, a grand ballroom, multiple MICE spaces (Meetings, Incentives, Conferences, and Exhibitions), several theaters, a grand opera house, and a vibrant food mall alongside four cinemas.
This ambitious venture stands as one of the most substantial investments in the Philippines’ burgeoning gaming and hospitality sector, further solidifying Entertainment City’s reputation as a premium location for integrated resorts.
Financial Hurdles: A Net Loss Reported
Despite the ambitious scope and potential of the project, financial challenges have arisen. Suntrust reported a staggering net loss of PHP477.6 million (approximately $8.1 million) for the first nine months of 2024. Operating expenses surged by 66.6% year-on-year to PHP493.3 million, showcasing the fiscal strain linked to completing such a grand development.
To navigate these financial challenges, Suntrust has received backing from its parent company, LET Group Holdings, which provided the firm with two loans totaling $55 million this year. These funds are crucial for continuing the development’s construction and overall execution.
The LET Group, chaired by businessman Andrew Lo Kai Bong, controls a 51.2% stake in Suntrust, while Megaworld Corporation, a subsidiary of Alliance Global Group, holds a 33.6% interest. The collaboration backs the project with substantial stability from major players in the gaming and real estate sectors.
Regulatory Assurance and Strategic Collaborations
The Suntrust project enjoys substantial support from the Philippine Amusement and Gaming Corporation (PAGCOR). In June, PAGCOR chairman Alejandro Tengco publicly assured stakeholders of the project’s eventual success, citing commitments from Travellers International regarding their gaming license usage. Tengco expressed confidence, saying, "I am very confident that the project will open, primarily because they’re using Travellers’ license."
The collaboration extends further with a recent agreement between Suntrust and International Game Technology (IGT). Under this $5.3 million deal announced in October, IGT is set to provide and maintain advanced gaming equipment for the resort, underlining Suntrust’s commitment to delivering a world-class casino experience.
Looking Ahead: The Future of Entertainment City
The hurdles faced by Suntrust’s project do not diminish its potential impact on Manila’s entertainment landscape. As the fourth quarter of 2025 approaches, anticipation continues to build for what promises to be a remarkable integrated resort experience. With luxury accommodations, an extensive gaming operation, and a plethora of entertainment options, Suntrust aims to contribute significantly to the allure of Entertainment City, drawing both local and international visitors to its doors.
As delays may test the resilience of the investors and developers involved, the ongoing progress and partnerships signal a hopeful outlook for this significant milestone in Manila’s hospitality and gaming industry. Whether it can meet its revised deadline remains to be seen, but the industry watches eagerly as this ambitious vision slowly comes to life.
