LET Group & Summit Ascent will to focus on a new $1.1B Manila casino (opening 2025). They're selling non-core assets, including a Japan property & Russian casino stake.
LET Group and its subsidiary, Summit Ascent, are restructuring their business to focus on a new US$1.1 billion casino-hotel project in Manila, slated to open in late 2025. This streamlining effort involves selling off non-core assets, including a property development project in Miyako, Japan, initiated in 2019, and their stake in the Tigre de Cristal casino in Russia.
The sale of the Russian casino has been complicated by the war in Ukraine and associated sanctions, which have created significant challenges for their operations there. Despite these difficulties, selling their stake in Tigre de Cristal remains a priority.
“The hotel and gaming operations of the Group in Russia continue to face significant challenges and uncertainties due to the ongoing and escalating Russia-Ukraine conflict, along with the associated sanctions levied against Russia,” Summit Ascent said.
While dealing with the fallout from the situation in Russia, the companies are pushing forward with the Manila project, with construction progressing as planned and new contractors being brought on board.
This restructuring comes after a period of significant change for the group. The current leadership took over after the previous chairman of Suncity Group (now LET Group) was arrested in late 2021. Furthermore, trading of both companies' shares on the Hong Kong Stock Exchange remains suspended due to regulatory concerns stemming from a previous attempt to sell the Russian casino without proper shareholder approval. In essence, LET Group is streamlining its operations to prioritize the Manila development while addressing past regulatory issues and navigating the complexities of its Russian holdings.
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