Suntrust eyes Westside Resorts opening, PAGCOR GSA licence
Suntrust Resort Holdings has reaffirmed that commercial operations of the Westside Resort in Manila’s Entertainment City remain on track for the third quarter of 2026 while signalling plans to seek accreditation as a Gaming System Administrator (GSA) under the Philippine Amusement and Gaming Corporation (PAGCOR), according to a Philippine Stock Exchange (PSE) disclosure.
The company said the two initiatives form part of its strategy to improve its financial position following years of development and financing costs associated with the integrated resort project.
The disclosure follows Suntrust’s response to a PSE query on its negative stockholders’ equity, in which the company outlined several measures to restore positive equity, including the opening of Westside, capital restructuring initiatives and the potential GSA accreditation.
Westside opening remains on track
“Based on the PAGCOR-approved Project Implementation Plan, the completion and opening of the Main Hotel Casino is targeted within the third quarter of 2026,” the company said.
The company added that commercial operations are expected to generate dividends from its indirect stake in the project and strengthen its finances.
“The commencement of commercial operations and the corresponding realisation of dividends as a result of operating profits on the Company’s indirect interest in the project is expected to contribute materially to the improvement of the Company’s financial position over the medium term,” Suntrust said.
The latest update is consistent with Suntrust’s disclosure in June 2025, when it announced that the opening of Westside had been postponed from the previously targeted December 2025 to the third quarter of 2026 following an internal review of construction progress and to align with PAGCOR’s approved implementation plan.
Westside is being developed in Entertainment City, the Philippines’ flagship integrated resort and gaming precinct in Parañaque. Once completed, the property will feature 475 hotel rooms and suites, a casino, theatres, cinemas, restaurants, retail outlets, a spa and wellness centre, and parking for more than 1,000 vehicles. The casino floor is expected to house 281 gaming tables, 1,126 slot machines and 134 electronic table games serving both mass-market and VIP players.
Suntrust was the original developer of the project but entered into a strategic working agreement with Travellers International Hotel Group in 2024 to accelerate its completion. Under the arrangement, Suntrust retained an indirect 20 per cent interest in the integrated resort through its 40 per cent stake in Westside Bayshore Holding Corporation, which owns half of Entertainment City Resorts Corporation, the entity responsible for developing and operating the resort.
Suntrust considers GSA accreditation
Alongside the planned opening, Suntrust disclosed that its relevant project entity is considering applying for accreditation as a PAGCOR Gaming System Administrator. However, the company stressed that the proposal remains at an early stage.
“As of even date, the financial impact and definitive timetable of this application is not yet determinable. The Company will make the appropriate disclosure to the Exchange as developments warrant,” it said in its PSE disclosure.
Under PAGCOR’s regulatory framework, a Gaming System Administrator provides and maintains the technology platforms used by licensed online gaming operators. The accreditation, formerly known as Gaming System Service Provider, reflects the broader role of platform providers in administering gaming systems, operating games, managing player accounts and wallets, and providing technical support.
If pursued, the accreditation would potentially allow Suntrust’s project entity to participate in the Philippines’ regulated online gaming market alongside its integrated resort interests.
Part of broader recovery plan
In its earlier response to the PSE, Suntrust said its capital deficiency was mainly due to pre-operating and financing costs incurred during the prolonged construction of the project, as well as the classification of outstanding convertible bonds and related-party advances as liabilities pending their conversion or restructuring.
Besides the planned opening of Westside, the company has also identified the possible conversion of convertible bonds into equity or perpetual instruments, additional capital raising and an increase in authorised capital stock as measures to restore positive equity.
The company said it would continue to update the exchange on developments regarding the resort opening and any progress on the GSA application.
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