LET GROUP LTD

What LET GROUP LTD does

LET Group Holdings Limited (formerly Suncity Group Holdings Limited; HKEx: 1383, delisted September 2025) is a Cayman Islands-incorporated holding company that develops and operates integrated resorts across Asia. Its core operating assets are Tigre de Cristal in Vladivostok, Russia — the largest integrated resort in the Russian Federation's Primorye Integrated Entertainment Zone, operated through 69.66%-owned subsidiary Summit Ascent Holdings (HKEx: 102, also delisted) — and the Westside City Project (renamed Westside Resort) in Manila's Entertainment City, developed through 51%-owned Suntrust Resort Holdings (PSE: SUN). The group also holds a 34% effective interest in the Hoiana integrated resort in Central Vietnam (Phase 1: 1,000+ rooms, award-winning golf course) and operates a shopping mall in China.

Revenue is generated through three streams: casino and gaming operations (VIP, mass-market, slot machines) under a transaction-fee model, hotel and hospitality services under a recurring model, and mall operations in China on a transaction-fee basis. The go-to-market motion is enterprise and relationship-driven, targeting high-net-worth VIP gaming clients and North Asian mass-market tourists via direct casino marketing, hotel bookings, and partnerships with travel operators and junket agents at each physical property.

The group is currently in severe governance and regulatory distress: it was controlled from 2022 onward by Major Success Group Limited under Chairman Andrew Lo Kai Bong; shares were suspended in February 2024 and delisted in September 2025 after the chairman was ruled unfit by the HK Exchange for attempting to sell Tigre de Cristal without shareholder approval. The Securities and Futures Commission has initiated Section 214 proceedings against the chairman and related entities (trial scheduled September 2027), and the Court of First Instance has granted worldwide asset freezing injunctions of up to HK$146,859,320 against Lo Kai Bong and Major Success Group Limited. Despite this, the underlying operating properties remain in service and the Westside Resort project is targeted for Q3 2026 completion under a US$1.25 billion budget.

Name

LET GROUP LTD

Legal name

LET Group Holdings Limited

Website

https://letgroupholdings.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

LET Group Holdings is a holding company that develops and operates integrated resorts across Asia, including Tigre de Cristal in Vladivostok, the Westside City/Resort project in Manila, and Hoiana in Vietnam, serving VIP gaming clients and tourists. The group is currently delisted from HKEx and subject to SFC proceedings against its chairman.

Ownership category

akta.pro rank

Product category

Integrated Resorts & Casino Hospitality

NAICS

Casino Hotels (721120)

SIC

Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro industry

PRIMARYTHAGAJAA

Integrated Casino Resorts

Travel & Hospitality/Lodging & Accommodation/Casino Hotels

SECONDARYTHAGAJAC

Destination Casino Hotels

Travel & Hospitality/Lodging & Accommodation/Casino Hotels

SECONDARYTHAGAJAK

Convention & Events Casino Hotels

Travel & Hospitality/Lodging & Accommodation/Casino Hotels

SECONDARYTHAHAAAC

Hotel & Resort Convention Venues (Convention Hotels)

Travel & Hospitality/MICE (Meetings, Incentives, Conferences & Exhibitions)/Conference & Convention Venues (Convention Centers, Civic Centers)

Keywords

• Integrated resort operations
• Casino gaming facilities
• Hospitality entertainment services
• Resort development
• Commercial real estate

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Casino/Gaming Operations: Revenue from casino gaming operations including VIP gaming, mass market gaming, and slot machines at Tigre de Cristal and other integrated resorts.
2. Hotel and Hospitality: Revenue from hotel room accommodations, food and beverage, and other hospitality services at integrated resort properties.
3. Mall Operations: Revenue from shopping mall operations in China.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

LET Group Holdings Limited develops and operates integrated resorts across Asia combining casino gaming, hotel accommodations, food and beverage, entertainment, spa, and retail facilities. Its portfolio includes Tigre de Cristal in Vladivostok (Russia), the Westside City Project in Manila (Philippines), and the Hoiana joint venture in Central Vietnam, alongside a shopping mall operation in China.

Product overview

LET Group Holdings Limited is a Hong Kong-listed integrated resort developer and operator (HKEx: 1383) that operates a portfolio of integrated resorts across Asia through its subsidiaries. The company operates Tigre de Cristal (via Summit Ascent Holdings) in Vladivostok, Russia, and is developing the Westside City Project (via Suntrust Resort Holdings) in Manila, Philippines. The Group also holds a joint venture interest in Hoiana in Central Vietnam and operates a shopping mall in China. The portfolio spans gaming, hospitality, retail, and entertainment services.

Differentiator

Problem solved

Functional benefit

Products and services

• Tigre de Cristal Integrated Resort The largest integrated resort in the Russian Far East, located in Vladivostok's Primorye Integrated Entertainment Zone. Phase I features 121 hotel rooms, restaurants, bars, and entertainment facilities. Phase II expansion will add approximately 470 luxury rooms and duty-free shopping. Target customers include VIP gaming clients and mass-market tourists from North Asia.
• Westside City Project (Westside Resort) Integrated resort development in Manila Entertainment City, Philippines, being developed by Suntrust Resorts Holdings (a LET Group subsidiary). Includes a main hotel casino with over 450 five-star rooms, pool club, and entertainment facilities. Co-developed with Westside/Travellers International Hotel Group which is building additional hotel rooms, a shopping mall, the Grand Opera House, a theatre district, and parking facilities. Target customers include VIP gaming clients, mass-market tourists, and entertainment visitors.
• Hoiana Integrated Resort Joint venture integrated resort in Central Vietnam with Phase 1 featuring over 1,000 rooms, an award-winning golf course (Hoiana Shores, GEO Certified Development status), and pristine beaches. LET Group holds an effective 34% interest acquired via a HK$600 million acquisition in 2018. Target customers include luxury tourists, golfers, and hospitality guests in Southeast Asia.
• Shopping Mall (China)

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered key, minor and core.

• Travellers International Hotel Group Inc.keyStrategic or Co-development Partner · 1 February 2026Travellers International Hotel Group and Alliance Global Group were involved in a change of control that resulted in the LET X integrated resort development in Manila being renamed Westside Resort. The project, estimated at US$1.25 billion, is expected to be completed by Q3 2026. Westside/Travellers International is building additional hotel rooms, shopping mall, Grand Opera House, and theatre district as part of the integrated development.
• Miss Hong Kong PageantminorGTM or Marketing Partner · 1 August 2023Hoiana Resort & Golf partnered with the 2023 Miss Hong Kong Pageant to showcase Vietnam's splendor and culture. This partnership was used as a marketing and promotional initiative for the Hoiana property.
• NIO 333 Racing Formula E TeamminorGTM or Marketing Partner · 1 July 2023LETX Lifestyle entered into a partnership with the NIO 333 Racing Formula E Team in July 2023. This partnership was announced as LETX Lifestyle joining forces with the racing team, representing a lifestyle branding and marketing partnership.
• Westside City Resorts World Inc.keyStrategic or Co-development Partner · 1 January 2020Westside City Resorts World Inc. is developing complementary facilities at Westside City Project including a shopping mall, additional hotel rooms (over 2,000 rooms), Grand Opera House (1 Grand + 3 mini theatres), restaurant and theatre district (2,300 spaces), and approximately 2,000 additional car park spaces, integrated with Suntrust's main hotel casino.
• Suntrust Resort Holdings, Inc.coreOthers · 1 January 2019LET Group is the majority shareholder of Suntrust Resort Holdings, Inc. (PSE: SUN), holding 51% equity interest acquired in 2019. Suntrust is developing the Westside City Project in Entertainment City, Manila, Philippines. Suntrust is listed on the Philippine Stock Exchange.
• MSRD Corporation LimitedminorStrategic or Co-development Partner · 1 January 2019LET Group acquired 51% equity interest in MSRD Corporation Limited in 2019. MSRD owns a scenic piece of land in the Miyako Islands, Okinawa, Japan, marking LET Group's entry into the Japanese gaming/hospitality market.
• Hoiana Joint Venture PartnerskeyStrategic or Co-development Partner · 1 January 2018Hoiana is an integrated resort that LET Group jointly develops with investment partners. Located in Central Vietnam, Hoiana Phase 1 features over 1,000 rooms, an award-winning golf course, and pristine beaches. LET Group acquired an effective 34% interest in Hoiana through a HK$600 million acquisition in 2018. Phase 1 preview opened on 28 June 2020.
• Summit Ascent Holdings LimitedcoreOthersLET Group Holdings is the parent company of Summit Ascent Holdings Limited (HKEx: 102), holding approximately 69.66% equity. Summit Ascent is the operator of Tigre de Cristal in Vladivostok, Russia, the largest integrated resort in the Russian Federation. Summit Ascent increased its stake in Tigre de Cristal to 77.5% in November 2020.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Wynn Resorts: Global integrated resort operator with Wynn Macau and Wynn Palace in the Macau market. Comparable as a premium integrated resort developer/operator targeting VIP and mass-market segments in Asia, though larger and more established than LET Group.
• Genting Singapore: Operator of Resorts World Sentosa, a major integrated resort in Singapore with gaming, hotel, and theme park components. Comparable as a regional integrated resort operator with similar customer mix and Asia-Pacific focus.
• Las Vegas Sands: Owner/operator of The Venetian Macao, Marina Bay Sands, and Sands Singapore. Comparable as a large-scale integrated casino resort operator in Asia with hotel, gaming, MICE, and entertainment offerings, though it exited the Las Vegas market in 2022 to focus on Asia.
• Galaxy Entertainment Group: Hong Kong-listed operator of Galaxy Macau and StarWorld Macau integrated resorts. Comparable as an established Asia-focused integrated resort operator with VIP gaming, hotel, and entertainment exposure.
• SJM Holdings: Hong Kong-listed operator of Casino Grand Lisboa and other Macau integrated gaming properties. Comparable as a Macau-based integrated gaming and hospitality operator with VIP and mass-market exposure.

Direct peers

• NagaCorp Ltd. Operator of NagaWorld integrated resort complex in Phnom Penh, Cambodia. Comparable as a focused Asian integrated resort developer/operator targeting VIP and mass-market segments from across North and Southeast Asia.
• Travellers International Hotel Group: Operator of Resorts World Manila and co-developer of complementary facilities at LET Group's Westside City Project. A direct partner and peer in the Philippine integrated resort space, also part of the Alliance Global Group.
• Melco Resorts & Entertainment: Operator of integrated casino resorts across Asia including City of Dreams (Macau), Studio City (Macau), and City of Dreams Mediterranean (Cyprus). Directly comparable to LET Group as an Asia-focused integrated resort developer with VIP and mass-market gaming, hotel, and entertainment offerings.
• Bloomberry Resorts Corp. Philippine-listed operator of Solaire Resort & Casino in Manila's Entertainment City. The most direct geographic peer to LET Group's Westside Resort project, competing in the same integrated resort corridor with comparable hotel, gaming, and entertainment offerings.

Emerging players

• Universal Entertainment Corp. Japanese gaming machine manufacturer and parent of Okada Manila integrated resort in the Philippines. Comparable as both an operator in the Manila Entertainment City market and a Japan-connected gaming/hospitality player with overlapping geographic interests to LET Group.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/letgroupholdings

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LET GROUP LTD