Suntrust takes minority role in Manila resort project
Suntrust will take on minority role in the completion of the Westside integrated resort project in Manila, handing over rights and obligations to third parties.
Key points:
– A strategic working agreement will see third-parties complete the oft-delayed build
– Entertainment City Resorts Corp will assume “all rights and obligations related to the project”
– Suntrust will retain a 20% indirect interest in ECRC, according to its Philippines Stock Exchange filing
Following repeated delays, Suntrust Resort Holdings has “expedited” the completion of the Westside integrated resort project in Manila, and will now take a minority role.
The construction of the hotel and casino resort will be finished with the oversight of third parties including Westside City Inc; Westside Bayshore Holding Corp; and Entertainment City Resorts Corp (ECRC).
The concession of the project to these companies will also include management and rights relating to the development and operation of the venue.
A new “strategic working agreement” means that, according to Suntrust’s filing with the Philippine Stock Exchange, it will retain a 20% indirect interest in ECRC, which is assuming “all rights and obligations related to the project.”
In April 2025, Suntrust insisted that the resort would be completed and open to the public in the fourth quarter of 2025 – this commitment was reneged on in June, with the third quarter of 2026 the latest target on file.
It remains to be seen whether this will be pushed back again, but the announcement suggests that the action has been taken to “ensure the timely construction, development, completion and operation” of the project.
Good to know: The project would have been the company’s fifth casino resort within Entertainment City in Metro Manila
The announcement also points out that the build itself has been expanded.
It details that the integrated resort, when finished, will consist of a five-star hotel, casino, mall and theatre complex.
Despite taking out a number of loans and selling off assets to fund the project, the financial losses incurred by Suntrust appear to have proved too much to overcome alone.
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