An important project in the Philippine gaming industry—Suntrust's LET X Integrated Resort located in Manila's Entertainment City, has announced another delay, with the expected completion date pushed from the originally scheduled end of 2025 to the third quarter of 2026. This development project, costing up to $1.25 billion, has been progressing slowly since its inception and has now accumulated nearly two years of delays, raising concerns about the project's feasibility and financial status.
On June 27, Suntrust Resort Holdings submitted a notice to the Philippine Stock Exchange, stating that it is reassessing the construction progress and planning layout, and adjusting the construction period according to the latest directives from PAGCOR. Although the main building structure and exterior wall system have been completed, and the water, electricity, and fire systems are roughly ready, the interior decoration and landscape construction are still unfinished, and the company acknowledges that revenue is expected to be significantly delayed.
The project's initial goal of opening in the second half of 2024 has already been missed, and cost control is also under pressure. Within a year, the project budget has been increased from $1 billion to $1.25 billion, potentially bringing greater challenges to the parent company, LET GROUP (formerly Suncity Group).
The LET X Casino Resort is planned to have 475 high-end rooms, a large casino, cinema, theater, food court, and various entertainment facilities, and was once seen as an important growth engine for the Philippine gaming industry. However, the continuous delays and budget inflation now lead the market to question whether it can be successfully completed, or even worry about it becoming another unfinished case in the gaming industry. Suntrust and its parent company have not yet provided further explanations regarding the project delays.
