The LET Group has announced that it was successful in significantly lowering its loss for the year, totaling just HK$138.4m (US$17.63m) compared to HK$258.3m ($32.9m) in 2021.
It says it now plans to focus its efforts on the Philippines. The group recorded a revenue increase of 34 per cent yearly to HK$394.3m ($50.23m), while also seeing a strong rebound in adjusted EBITDA to HK$77.5m ($9.87m) – compared to negative HK$13.3m ($1.69m) in FY21.
The group notes that, going forward, it is planning to focus on the development of its Westside City Project as its “top priority.” The group is targeting a soft opening “before the end of 2024” and a grand opening in 2025.
The project, located in Manila’s Entertainment City, will house around 300 gaming tables, over 1,300 EGMs and 450 five-star hotel rooms, alongside entertainment and F&B.
The project is integrated into the Westside City Project, which features hotel rooms, shopping malls, theatres, restaurants and more, to be constructed by local partner Westside/Travellers.
Source: Asia Gaming Brief