Suntrust appoints independent directors amid Parañaque casino delays

LISTED integrated resort developer Suntrust Resort Holdings, Inc. has appointed independent directors and key officers as its Parañaque casino project continues to face delays.

In a disclosure dated Jan. 2, Suntrust said its board appointed Christine P. Base and Rus Kristoffer B. Parcia as independent directors. They replaced Jesus B. Varela and Eugenio B. Reducindo, who stepped down effective Dec. 29 for personal reasons.

“They shall serve in such capacity during the remainder of Mr. Varela’s and Mr. Reducindo’s respective terms as director and until their successor is elected and qualifies for the position,” Suntrust said.

The board also named Monina Jane S. Nazal as corporate secretary and chief information officer, replacing Nelileen S. Baxa. Ms. Nazal will serve for the remainder of Ms. Baxa’s term until a successor is elected and qualified, the company said.

Suntrust also accepted the resignation of Neoli Mae L. Kho as treasurer and Maria Carla T. Uykim as assistant corporate secretary and assistant corporate information officer, both effective Dec. 29, citing personal reasons.

On Dec. 26, Suntrust announced the appointment of Yip Ho Chi and Lam Hung Tuan as directors, further reshaping its board and management lineup.

The leadership changes come as the company’s Westside Integrated Resort Project in Parañaque City faces setbacks in its development timeline.

The project is being undertaken with Travellers International Hotel Group, a sister company of listed developer Megaworld Corp., which holds majority control of the development. Suntrust owns a 20% stake in the project and has cited financial challenges related to its participation.

The Westside Integrated Resort Project is expected to include a five-star hotel, casino, shopping mall and theater complex. The development is scheduled to open by the third quarter after changes to its timeline.

Suntrust has not provided additional details on the causes of the delays, but previous disclosures have pointed to funding constraints and coordination issues among project stakeholders.

Market participants are closely watching developments at the company, as the Westside project represents a major investment tied to the gaming and tourism sectors. Changes in board composition and senior management are often viewed as part of efforts to strengthen governance and oversight amid operational challenges.

Shares of Suntrust last closed at 76 centavos each on Dec. 29, based on data from the Philippine Stock Exchange. — Beatriz Marie D. Cruz