In its second quarter 2023 earnings report submitted with the Philippine Stock Exchange on August 14, Suntrust Resort Holdings Inc. the company listed behind the new Philippines US$1.1 billion casino and hotel project, claimed that the said Manila project construction arrived at the “roof level” since June 30. Additionally, the company also confirmed again its intention to officially debut its casino-hotel business in the fourth quarter of 2024.
The facade of the podium is still unfinished:
In the aforementioned earnings report, Suntrust, previously known as Suntrust Home Developers Inc., the company said to be responsible for the aforementioned casino & hotel project development by LET Group Holdings Ltd, which was listed by Hong Kong and is previously known as Suncity Group Holdings Ltd., and related institutions, added that “the podium façade works are in progress.”
Additionally, Suntrust also said that “architectural works and finishes are in progress,” in the aforementioned report. However, during the previous month, the company’s Board of Directors validated a loan of US$5-million from LET Group. In that regard, at the time, the company commented: “The loan would help fund project costs and construction of the hotel casino at Westside City.”
Layout of the casino and hotel:
Once completed, the aforementioned new casino and hotel project, which is officially part of the larger Westside City project by Westside City Resorts World Inc. and Travellers International Hotel Group Inc., will include 460 rooms with five stars as well as a casino space that it said “would cater to both mass and VIP markets,” in compliance with the information formerly revealed by the company.
Net loss in the second quarter:
As for the second quarter earnings, Suntrust reported a PHP164.1 million, which is approximately US$29 million, net loss, in comparison to a PHP255.1 million net loss in the 2022 period.
About:
Suntrust Resort Holdings Inc. deals with real estate development. It operates through the tourism-related business, property management and rental segments. The tourism-related business segment develops and operates the main hotel casino. The property management and rental segment relates to the operations, control of, and oversight of commercial, industrial, or residential real estate. The company was established and officially launched on January 18, 1956 and is based in Taguig City, Philippines.
Furthermore, Suntrust is 51-percent owned by integrated resort operator LET Group Holdings Ltd. Given the company’s focus on tourism development, it is projected to hire extra workers to back up the development, construction, and operations of its tourism-related operations.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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