Suntrust’s Q1 Revenue Surges, But Losses Persist Amid Rising Costs

Suntrust's first-quarter revenue increases, yet net loss remains due to escalating expenses and ongoing development of Westside City project.

Suntrust Resort Holdings Inc., a subsidiary of Hong Kong's LET Group Holdings, reported a significant increase in revenue for the first quarter of 2025. The company's revenue rose to ₱125.45 million, a substantial jump from ₱3.23 million in the same period last year. Despite this growth, Suntrust still recorded a net loss of ₱84.33 million, though this marks an improvement from the ₱256.1 million loss reported in Q1 2024. 

The increased revenue is attributed to foreign exchange gains and the company's ongoing efforts to develop the Westside City integrated resort in Manila's Entertainment City. The project's construction cost has escalated to US$1.25 billion from the initial estimate of US$1.1 billion, with US$964 million already raised and US$688 million expended. 

Suntrust aims to open the Westside City resort in the fourth quarter of 2025. The development will feature a 475-room five-star hotel, a casino with 281 gaming tables and 1,126 slot machines, a 3,000-seat performing arts theater, and other amenities. 

Despite the progress, the company faces challenges, including rising construction costs, regulatory hurdles, and intense competition from other integrated resorts in the region. Suntrust remains committed to completing the project and enhancing its financial performance in the coming quarters.

Read related article: Launch of Suntrust Manila Hotel Casino Pushed Back To 4Q 2025