Inside Asian Gaming has learned that the owner and operator of Philippines integrated resort Newport World Resorts, Travellers International Hotel Group, Inc. – through one of its subsidiaries – is set to soon take a majority equity position in the LETX integrated resort project in Manila’s Westside City development, alongside Philippine-listed Suntrust Resort Holdings, in a plan to ensure the completion of the integrated resort’s development. Westside City is part of Manila’s wider Entertainment City district.
IAG understands that once details are finalized, Travellers and its related group entities would provide financial and operational backing in order to complete the construction of the IR, and would become its operator upon launch of the property.
The arrangement follows a series of setbacks – including the pandemic and related surges in construction costs – faced by LETX and its developer, Philippine-listed Suntrust Resort Holdings, which have resulted in costs blowing out from US$1 billion to US$1.25 billion, according to recent filings. Hong Kong’s LET Group, which is controlled by its Chairman Andrew Lo, holds a 51% stake in Suntrust.
Under the terms of the new deal that is being finalized, Suntrust would retain a minority interest in the IR while Travellers, through one of its subsidiaries, would take over responsibility for completing the project. It is still unclear when the new ownership structure will be finalized given the complex nature of the transaction and the multiple parties involved.
LET Group noted in its 2024 Annual Report, published on 10 July, that it had spent US$586 million on the development of its Manila hotel and casino as of 31 December 2024, rising to US$688 million by April – representing a little over half of the US$1.25 billion estimated total construction cost outlined around the same time. It is understood that cost blowouts and related funding issues were behind Suntrust revealing in July that the scheduled opening of the LETX integrated resort had been delayed by nine months from its previously scheduled completion date, until at least 3Q26.
It is commendable that Lo and the LET Group as a whole identified the funding shortfall and entered negotiations with Travellers to find a solution. IAG understands that Travellers, which owns the land upon which the LETX development is located, considered continuity of development to be crucial in agreeing to lend its finances and development expertise to the project.
Since restructuring two years ago under Executive Chairman Kevin Tan Travellers has been kicking goals with its Newport World Resorts IR. IAG understands that Newport even beat Solaire to top spot among all Entertainment City IRs for GGR market share for the second quarter of 2025. The LETX move makes sense for Travellers given it is already expanding its footprint in the Philippines with the upcoming Mactan World Resorts in Cebu and Boracay World Resorts in the famous island resort destination of the same name.
The move seems to be a win for all parties as it allows Travellers to continue its industry expansion, it gives smaller Philippine companies owed monies for their work on the project a new source of funds from which to be paid, and would see Suntrust retain skin in the game with a pathway to ultimately realizing a return on its investment to date.
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