Philippine-listed Suntrust Resort Holdings Inc, which is currently developing a US$1.1 billion hotel and casino in Manila’s Entertainment City precinct, has announced LET Group chairman Andrew Lo as its new President following the sudden retirement of David Chua.
According to details filed Tuesday, Chua has stepped down effective immediately and has relinquished all duties and responsibilities as a director and President of the company. No reason was given for Chua’s departure, although it comes soon after he was removed from the Board of Directors of Newport World Resorts operator Travellers International Hotel Group Inc.
Travellers chairman Kevin Tan told Inside Asian Gaming last week that Chua’s position as President of Suntrust was a key reason for his removal given the potential conflict of interest that could arise from Travellers and Suntrust being party to a lease agreement for the land upon which the Manila casino hotel is being built on.
As per Tuesday’s filing, Lo will remain President of Suntrust for the remainder of Chua’s term and until his successor is elected and qualifies for the position.
Lo is not only chairman but also the majority owner of LET Group, which holds a 51% stake in Suntrust.
The company described Lo, who previously spent many years with LET Group’s former identity Suncity Group, as having “intensive business experience in the gaming industry”.
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