- Business
- LET Group Holdings Limited (HKEx: 1383), formerly known as Suncity Group Holdings Limited, is a Cayman Islands-incorporated investment holding company headquartered in Central, Hong Kong, that develops and operates integrated resorts primarily in Asia; its principal activities encompass gaming and hotel operations through subsidiaries such as Summit Ascent Holdings Limited in the Russian Federation's Integrated Entertainment Zone Primorye (Tigre de Cristal resort, generating revenue from gaming tables, slot machines, hotel rooms, and ancillary services), development of a 5-star hotel and casino complex (Main Hotel Casino or LETX Resort under the Westside City Project) in Entertainment City, Manila, Philippines via 51%-owned Suntrust Resort Holdings Inc., trading of agricultural and industrial products in Russia, property development and sales of residential, office, and hotel premises in Japan, and management of shopping malls in the People's Republic of China; operations span the Russian Federation, Philippines, Japan, PRC, Vietnam, Macau, Cambodia, Hong Kong, and other international markets, targeting leisure, gaming, hospitality, and real estate customers, with Summit Ascent operating as a 77.5%-owned subsidiary and Suntrust as a majority-owned entity under parent Major Success Group Limited. Incorporated in 2006 and renamed in August 2022 amid strategic restructuring, the company reports revenue predominantly from continuing operations in Tigre de Cristal (HK$414.5 million in FY2024, up 12.3% year-over-year from gaming HK$377.1 million and hotel HK$37.4 million) and interim H1 2025 revenue of HK$312.9 million (65% increase), boosted by new trading activities (HK$100.1 million); recent developments include loan facilities from China Banking Corporation (PHP25 billion drawn PHP11 billion as of mid-2025 for Philippines project secured by Suntrust assets), multiple construction contracts for Westside City (e.g., US$9 million fit-out with GMI Construction Corp., PHP719 million materials with E.E. Black Ltd., US$5.3 million equipment with IGT Asia), full repayment of Vietnam joint venture advances (US$31.2 million in April 2024 leading to its deregistration), asset restructuring emphasizing Philippines growth amid Philippines GGR surge to PHP372.3 billion in 2024 (30.5% up), director changes (e.g., Lam Hung Tuan appointed March 2025), delisting from HKEx effective September 1, 2025 after trading suspension failure, ongoing Main Hotel Casino construction (target Q3 2026 opening, structural works complete), and default on HK$137.5 million other borrowing (due December 2024 with negotiations for extension).