Letgroup and Westside City Resorts World on schedule for soft opening in Parañaque City by end of the year
Letgroup and Westside City Resorts World are hoping to open their main hotel and casino at the Manila Bayshore Integrated City in Parañaque City with a soft opening by the fourth quarter of 2025.
Under the latest development plan, the main hotel casino will have over 300 gaming tables and over 1,300 electronic gaming machines for both the mass and VIP markets; over 450 five-star luxury hotel rooms and suites; a mall composed of food and beverages and retail units; and a parking facility with over 1,000 slots.
Letgroup said: “The construction of structural works and major facade systems up to roof level have been completed. The mechanical, electrical, and plumbing and fire protection systems in major plantrooms have been substantially completed and part of the system has commenced testing and commissioning. Architectural builders and fitout works, external civil and landscape works are in progress. Up to 31 December 2024, approximately US$585.7m has been paid for the development of the Main Hotel Casino project by Suntrust. Suntrust is also starting the employee recruitment process for the Main Hotel Casino’s operations team. Based on the development as of 31 December 2024, the Main Hotel Casino is expected to commence operation [with a soft opening] in Q4 2025. Based on the latest PAGCOR approved Project Implementation Plan, the expected completion and opening of the [entire] Main Hotel Casino is targeted for the third quarter of 2026.”
“Our investment in the Westside City Project in the Philippines offers the greatest potential for significant returns compared to Hoiana and Tigre de Cristal in the future,” Let added. “Westside City Project will be the crowning jewel in the already impressive collection of integrated resorts in the Entertainment City in Manila, the Philippines. The government’s confirmation that there will be no more gaming licenses in Entertainment City further reinforces our position as one the most prominent and latest integrated resort, incorporating state-of-the-art technology in the region.”
It added: “The Manila gaming market has tremendous growth potential, with an estimated compound annual growth rate (CAGR) of over 10% in coming years, the highest growth rate in the entire Asian region. Entertainment City in Manila stands head and shoulders above other gaming destinations in Asia in terms of growth, boasting an impressive integrated resort cluster-effect that connects the area to the Manila Ninoy International Airport. Westside City Project also has a strategic location advantage, with connectivity to the existing Ayala Mall, and the conjoined access to Megaworld’s largest hotel complex in the country, Westside City Project is seamlessly blending into the heart of Manila’s growing resort metropolis. Our exclusive agreement with Alliance Global Group Companies, a Philippine leader in the corporate world, adds to the allure of the best minds in the Philippines working together to build the next integrated resort.”
Currently, the company’s only revenue comes from Tigre de Cristal, a casino it is still looking to sell. Net gaming revenue of Tigre de Cristal came in at HK$377.1m during FY2024, increasing by approximately HK$41.4m or 12.3 per cent year-on-year compared to FY2023.
Let said: “Due to the unpredictable and volatile geopolitical tensions, the Company has made the difficult
decision to slow down the development of Phase II Tigre de Cristal. We are now taking a conservative approach on investing in Russia. The Company has been exploring alternative opportunities in other regions, as well as potentially looking for strategic partners who might be able to bring in value in terms of operating the gaming and hotel business in the Russian Far East.
In order to concentrate on its project in Parañaque City, LET Group left the joint venture that developed and opened Hoiana in Vietnam which is now controlled by Hong Kong-based investment firm VMS Group.
