Casino-Related Firms LET Group and Summit Ascent to be Delisted from Hong Kong Exchange

• Gaming-related investment firms LET Group and its subsidiary Summit Ascent are to be delisted from the Hong Kong Stock Exchange (HKEX) on 1 September 2025.
• The delisting follows a prolonged trading suspension and the companies’ failure to satisfy the exchange’s requirements regarding corporate governance and management integrity.
• The governance issues stem from board-level disputes, an attempted asset sale without shareholder approval, and legal action against chairman Andrew Lo Kai Bong by the Securities and Futures Commission (SFC).
• LET Group is the parent of Suntrust Resort Holdings, which is developing the LETX Resort casino project in Manila, Philippines.
• Summit Ascent is the owner of the Tigre de Cristal casino resort in Russia.

LET Group Holdings and its subsidiary, Summit Ascent Holdings, will see their shares cancelled from the Hong Kong Stock Exchange (HKEX) next month, bringing an end to a turbulent period marked by severe governance failures.

In separate filings, both companies confirmed they would not contest the HKEX Listing Committee’s decision to delist them. Trading in their shares, which has been suspended since early 2024, will cease permanently at the close of business on 29 August, with the official delisting effective from 1 September. The exchange concluded that neither company had satisfied the conditions for reinstatement, including demonstrating the management integrity required of a listed entity.

A Cascade of Governance Failures

The delisting is the final consequence of a long-running corporate governance crisis that has engulfed both firms. The problems escalated over the past year, triggered by an attempt to sell the gaming licence holder for the Tigre de Cristal resort in Russia without proper shareholder approval, which led to a wave of board resignations.

The situation worsened when Hong Kong’s Securities and Futures Commission (SFC) launched legal proceedings in 2024 against the chairman and controlling shareholder, Andrew Lo Kai Bong, alleging misconduct. While new directors have since been appointed, the companies have been unable to restore investor confidence or satisfy the exchange’s concerns about their governance and transparency.

The Future of Key Casino Assets

Despite the corporate turmoil and delisting, the group’s key casino development projects are moving forward under new arrangements.

In the Philippines, LET Group is the indirect parent of Suntrust Resort Holdings, the developer of the LETX Resort in Manila’s Entertainment City. It’s now expected that Travellers International Hotel Group, the operator of Newport World Resorts, will take a majority stake in the project. This move would provide the necessary financial backing and operational expertise to complete the resort, with LET Group likely retaining a minority interest.

Meanwhile, Summit Ascent’s flagship asset, the Tigre de Cristal casino in Russia, reportedly returned to profit in 2024 by focusing on the domestic market. However, its long-term strategic direction is now uncertain as its parent company withdraws from the public markets.

A Warning to Investors

Both companies have advised their shareholders to “exercise caution.” Once delisted, the firms will no longer be subject to the strict financial reporting and disclosure rules of the HKEX. This will make their shares highly illiquid and reduce transparency for any remaining investors.