Suntrust Resort Holdings, the Philippines-listed subsidiary of Hong Kong-based gaming investor LET Group Holdings, has revealed it is seeking a potential loan facility in order to complete construction of its US$1 billion hotel and casino development in Manila’s Entertainment City precinct.
According to details filed with the Philippine Stock Exchange on Wednesday, the potential loan facility is currently under negotiation with the company set to seek shareholder approval.
The loan would, Suntrust added, involve putting up “all or substantially all” of its assets and properties as collateral although it added that the intended loan is not expected to have any adverse effect on the business, operations or financial condition of the company.
Instead, it will “redound to the benefit of Suntrust as it is intended to fund project costs and construction of the Main Casino project,” Suntrust explained.
The potential loan comes after Suntrust recently stated that the hotel and casino project, part of Travellers International Hotel Group’s Westside City development, was on track to open in 2024 – despite a January report that the company had failed to pay Php336 million (US$6.2 million) in interest owing to Summit Ascent Holdings on convertible bonds subscribed to in late 2020. Summit Ascent, which is also majority-owned by LET Group, stated at the time it was in discussions with Suntrust over the issue.
When open, Westside City will become the fifth integrated resort in and around Manila’s Entertainment City precinct, alongside City of Dreams Manila, Newport World Resorts, Okada Manila and Solaire Resort & Casino.
Suntrust’s project is planned to incorporate a 450-room hotel with a casino boasting 400 gaming tables and 1,200 slot machines.
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