SunTrust Resort Holdings Inc. named Andrew Lo Kai Bong (file photo) as its new president following the retirement of former president David Chua Ming Huat. The announcement was made in a filing with the Philippine Stock Exchange on Tuesday.
Suntrust is currently developing a hotel casino in Westside City in Manila, the capital of the Philippines. The venue will begin operating in the first quarter of 2025.
SunTrust is 51.2% owned by Hong Kong-listed casino investment firm LET Group Holdings Ltd and 33.6% by MegaWorld, according to corporate information.
LoC has a significant 72.1% stake in LET Group. Megaworld is a wholly owned subsidiary of Philippine conglomerate Alliance Global Group Inc.
According to the filing on Tuesday, Mr. Lo will serve as president of SunTrust until a successor is elected and qualified for the position.
The filing further noted that Mr Chua’s retirement took effect on Monday. “He waived all duties and responsibilities as director and president of the Company on that date,” the filing said.
Alejandro Tenko, head of the Philippine Entertainment and Gaming Company (Pagcor), told GGRAsia last month that SunTrust had received guarantees regarding the opening of hotel casinos under development.
SunTrust’s change of management follows Alliance Global’s move to replace executives linked to Malaysian conglomerate Genting Group, a former partner of Alliance Global, at its Newport World Resort casino complex near Manila International Airport.
The property, formerly known as Resorts World Manila, opened in 2009 as a joint venture between Alliance Global and Genting Hong Ltd., a casino cruise ship operator and a subsidiary of Genting Group.
Genting Hong Kong went into liquidation in January 2022. Later, in a statement in July 2022, it announced that Resort World Manila would be rebranded as Newport World Resort. In May last year, Alliance Global disclosed Genting Hong Kong’s acquisition of a stake in Newport World Resort.
Last month, Alliance Global confirmed a leadership change at Newport World Resort, which it attributed to Alliance Global signing a “one-year transition plan” for operations after it fully took over the business. The announcement confirmed several executives previously linked to Genting Hong Kong were leaving their positions at Newport World Resort.
Chua was also previously related to the genting group. Among other positions, he was the chairman of genting Hong Kong from may 2007 to January 2015.
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