Philippines-based casino investor LET Group Holdings Ltd. expects to have a gain on its books as it repays a P1.784 billion loan to its subsidiary Star Admiral Ltd.

On April 18, Philippines Gold Yield Enterprises Ltd repaid the outstanding loan to LET Group. LET Group said the repayment could see the group's share of the joint venture's losses converted into accounting profits. The joint venture is jointly owned by LET Group and another company, Alpha Era Investments Ltd.

"As of the date of this announcement, Gold Yield Enterprises does not have any outstanding shareholder loans payable to Star Admiral," LET Group noted in a filing to the Hong Kong Stock Exchange.

The group said the dissolution of the joint venture would be achieved by dividing "any remaining assets" equally between the two partners. This means that LET Group and Alpha Era Investments Ltd will split the assets of Gold Yield Enterprises equally.

LET Group Holdings Ltd. has said that Gold Yield Enterprises failed to repay a $30 million loan in March 2022. The loan was provided by Suncity Group Holdings for the Hoi An Casino Resort project in Vietnam.

From a business perspective, LET Group indirectly controls Philippine company Suntrust Resort Holdings Inc, which plans to build a major hotel-casino in Manila's Westside City and plans to start operations in the first quarter of 2025.

Another company controlled by LET Group is Hong Kong-listed Summit Ascent Holdings Ltd, which operates the Crystal Tiger Casino Resort near Vladivostok, Russia.

In January, LET Group and Summit Ascent breached Hong Kong Exchange rules, leading to significant board changes at both companies. This comes as the companies have experienced an exodus of directors following the planned sale of the entity holding the Crystal Tigers gaming license.

In February, trading in the shares of LET Group and Summit Ascent was suspended on the Hong Kong stock market. Meanwhile, Hong Kong's Securities and Futures Commission (SFC) said it was investigating two companies for possible breaches of regulations regarding Crystal Tiger's proposed deal. However, the potential Russian buyer ultimately abandoned the deal.