Travellers International Hotel—controlled by billionaire Andrew Tan’s Alliance Global—is taking over the development of a $1.3 billion casino resort from its partner Suntrust Resort in Manila Bay following project delays.
Key Takeaways
- Suntrust Resort, which is indirectly owned by Hong Kong-listed LET Group, said it’s seeking a “strategic working agreement” with Travellers to expedite the completion of the project in the Westside City township being developed by Megaworld, Tan’s real estate arm, in the Manila Bay entertainment district.
- Under the proposed agreement, Suntrust said it will effectively hold a 20% indirect stake in Entertainment City Resorts, owner and lessor of the property where the project is being constructed. Travellers—which owns and operates the Newport World Resorts, a casino complex next to the country’s main international gateway, the Ninoy Aquino International Airport—will have majority interest.
- The Westside City casino complex was supposed to open in December this year but the opening has been postponed to the third quarter of 2026 due to construction delays, according to Suntrust, which started working on the project in 2019.
- Suntrust is 51% indirectly owned by Fortune Noble, an investment vehicle controlled by LET Group, formerly Suncity Group. Megaworld owns 34% of Suntrust.
Crucial Quote
Suntrust Resort, which is indirectly owned by Hong Kong-listed LET Group, said it’s seeking a “strategic working agreement” with Travellers to expedite the completion of the project in the Westside City township being developed by Megaworld, Tan’s real estate arm, in the Manila Bay entertainment district.
Key Background
Westside Integrated Resort is the fourth casino in Manila’s Entertainment City, an 800-hectare waterfront district competing with Macau and Singapore to attract gamblers across the region. There are three existing casino resorts in the area including billionaire Enrique Razon Jr.’s Solaire, tycoon Lawrence Ho’s City of Dreams Manila and Tokyo-based Universal Entertainment’s Okada Manila.
LET Group is owned by Andrew Lo Kai Bong, a Hong Kong-based gaming entrepreneur who led a group of investors that took control of the former Suncity Group in July 2022. Aside from its interest in the Philippines, its Summit Ascent unit holds a stake in a Russian casino resort.
With a real-time net worth of $1.5 billion, Tan is among the wealthiest in the Philippines. Apart from real estate, his Alliance Global has stakes in Emperador, the world’s biggest brandy maker, and in the Philippine franchisee of McDonald’s.
Big Number
Westside Integrated Resort consists of a five-star hotel with 475 suites, a casino with 281 gaming tables and over 1,000 slot machines, a shopping mall and several theaters, the biggest of which will have 3,000 seats.
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This story was originally published on forbes.com and all figures are in USD.
