The entertainment city of Manila, Philippines, welcomes a major transformation as Travellers International Hotel Group announces that its subsidiary will take over the majority of the shares in the LETX resort project in the Westside City development area, becoming the main construction and operation party. As an important part of Manila's famous entertainment city area, this move is expected to significantly promote the development of the local casino industry.
The LETX project, due to the pandemic and rising construction costs, saw its budget increase from the initial $1 billion to $1.25 billion, and tight funding has slowed down the progress of the project. The project developer, Suntrust Resort Holdings, holds 51% of the shares, with Andrew Lo, chairman of the Hong Kong LET Group, as the major shareholder. According to the latest agreement, Suntrust will retain a minority stake, with the main construction and operational responsibilities undertaken by Travellers, with specific equity arrangements to be finalized.
The LET Group's 2024 annual report shows that by the end of the year, approximately $586 million had been invested, increasing to $688 million by April 2025, accounting for more than half of the budget. The project's opening has been delayed due to financial bottlenecks, with operations expected to commence in the third quarter of 2026. As the landowner of the project, Travellers will leverage its funding and operational experience to push the development process forward.
In the past two years, under the leadership of Executive Chairman Kevin Tan, Travellers has performed excellently, with its Newport World Resorts surpassing Solaire in market share in the second quarter of 2025, firmly occupying the top spot in Manila's entertainment city. At the same time, Travellers is accelerating the expansion of its gambling business in other regions of the Philippines, including resort projects in Cebu and Boracay.
This equity adjustment not only strengthens Travellers' industry position but also alleviates Suntrust's financial pressure, ensuring the interests of all partners. In the future, the LETX resort is expected to become a new highlight of Manila's entertainment city, further promoting the development of the Philippine gambling and entertainment industry.
