Casino investor LET Group Holdings and its subsidiary Summit Ascent Holdings – operator of Russia’s Tigre de Cristal – will be delisted from the Hong Kong Stock Exchange at the end of the month following a decision by the exchange’s Listing Committee. Both companies have chosen not to request a review of the decision, they announced in separate filings overnight.
The decision by the Listing Committee to cancel the listing of LET Group and Summit Ascent comes after they failed to fully satisfy resumption guidance and resume trading of shares by 10 July 2025 as required.
Shares in both had been suspended since February 2024 upon the order of Hong Kong’s Securities and Futures Commission (SFC) due to concerns that a move by Andrew Lo – the Chairman of both companies – to sell the company’s entire stake in Tigre de Cristal was made without the required approval of shareholders.
The group has been looking to sell off assets to fund construction of its US$1.25 billion hotel and casino project, LETX, in Manila’s Entertainment City precinct.
According to recent filings, both LET Group and Summit Ascent had complied with various requirements of the exchange, including the publication of outstanding financial results and reconstituting their respective boards, but was still awaiting response on compliance and suitability proposals as well as on integrity guidance.
The Hong Kong Stock Exchange had called on the companies to “demonstrate that there is no reasonable regulatory concern about the integrity or character of the Group’s management and/or the integrity or character of any persons with substantial influence over the Group’s management and operations, which may pose a risk to investors and damage market confidence.”
The decision by LET group and Summit Ascent not to request a review of the exchange’s decision to cancel their listings comes with Travellers International Hotel Group Inc, the operator of Manila’s Newport World Resorts, set to take a majority equity position in the LETX integrated resort project as part of a plan to ensure the completion of the integrated resort’s development. Westside City is part of Manila’s wider Entertainment City district.
As first reported by IAG, the arrangement would see Travellers and its related group entities provide financial and operational backing in order to complete the construction of the IR and become its operator upon launch of the property.
LET Group, which holds a 51% stake in LETX’s current parent company Suntrust Resort Holdings, would retain a minority interest.
