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A strong first half of the year has lifted LET Group above expectations, fuelled by Tigre de Cristal in Russia and steady progress on its Philippines plans.
Hong Kong-listed LET Group surprised the market with a 65% increase in revenue for the first half of 2025. Total revenue reached HK$312.85m ($40.13m), while profit climbed to HK$99.54m ($12.77m). This marked a major shift from the same period last year, when profit stood at HK$58.88m ($7.55m).
The announcement came just weeks after the company had issued a profit warning. In early August, it told investors to expect a loss of around HK$42.8m ($5.5m). Instead, the group ended up in the black.
A profit warning turns into profit
What looked like a loss has turned into one of the group’s stronger results in years.
The new figures included HK$133.79m ($17.16m) in profit from its “holder of perpetual securities.” Even so, shareholders saw a net loss of HK$34.25m ($4.39m). The mixed picture reflects both the gains from financial instruments and the challenges still facing the wider group.
Still, compared to the earlier warning, the results showed a clear turnaround that caught attention across the industry.
Tigre de Cristal drives revenue
The company’s Russian resort remains its strongest source of income.
A large part of the group’s performance was supported by its 77.5% stake in Tigre de Cristal, the integrated resort in Russia’s Primorye region. Gross gaming revenue from the property reached HK$246.9m ($31.67m) in the first half, helping push overall resort revenue up 12% year-on-year to HK$212.75m ($27.29m).
Gaming operations alone rose by 13%. Despite broader market uncertainty, Tigre de Cristal continues to anchor LET Group’s financial position.
Philippines project in focus
The group is preparing for its next big step in Manila.
While Tigre de Cristal delivered the numbers, LET Group is directing its attention to the Westside City project in the Philippines. The company holds an indirect 51% stake in the development alongside Alliance Global Group.
Through its subsidiary Suntrust, LET Group is set to become the sole and exclusive operator and manager of the main hotel and casino when it opens, now expected in the third quarter of 2026. No revenue has yet been generated from the project, but management continues to frame it as the group’s next major growth engine.
Questions over liquidity
Concerns have been raised about whether the company can keep financing its projects.
Auditors have flagged risks tied to the group’s liquidity, especially with the heavy investment needed for Westside City. In response, LET Group said it has strategies in place to secure working capital and meet financial obligations over the next year.
The board remains confident it will raise enough funds to continue development and manage operations until Westside City begins generating income.
A delisting marks the next chapter
The company closes this chapter on the Hong Kong Stock Exchange.
Both LET Group and its subsidiary Summit Ascent, which also holds shares in Tigre de Cristal, are being delisted from the Hong Kong Stock Exchange on Monday. The move reflects the company’s shift in direction and the uncertainty that still surrounds its portfolio.
Looking ahead
The numbers show progress, but the road forward will not be simple.
With Tigre de Cristal still carrying the financial weight and Westside City yet to deliver revenue, LET Group finds itself in a balancing act. Stronger profit in H1 2025 gives it breathing room, but challenges remain with shareholder losses, liquidity concerns, and the pressures of developing a large-scale casino in Manila.
The story of 2025 so far is one of resilience and surprise. How the group manages the transition from its Russian foothold to its Philippine ambitions will define the years ahead.
Source: Asia Gaming Brief
