• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 2 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Suntrust to negotiate US$446 million loan facility to complete Manila hotel and casino project, Summit Ascent a guarantor

Ben Blaschke by Ben Blaschke
Sun 11 Jun 2023 at 09:23
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

An artist’s impression of the façade of the Westside City project.

147
SHARES
3.7k
VIEWS
Print Friendly, PDF & Email

Suntrust Resort Holdings Inc said Friday its Board of Directors has given the green light for the company to negotiate and enter into a loan facility with China Banking Corporation for up to Php25 billion (US$446 million).

According to details filed with the Philippine Stock Exchange, any such deal would comprise the execution of an Omnibus Loan and Security Agreement with the bank and other relevant parties, consisting of a Loan Facility Agreement, a Mortgage Agreement, a Security Agreement, a Suretyship Agreement and a Project Accounts Agreement, among others.

The Board of Directors will also appoint its Chairman, Andrew Lo Kai Bong, and President, David Chua Ming Huat, as the company’s authorized signatories for the transaction.

If secured, the loan facility would likely go a long way towards ensuring completion of Suntrust’s US$1 billion hotel and casino development in Manila – part of the larger Westside City project currently under construction in Entertainment City.

It also comes just weeks after Suntrust agreed to a separate US$6 million loan from Lo. Suntrust said previously it was seeking a potential loan facility in order to complete its Manila project which would involve putting up “all or substantially all” of its assets and properties as collateral.

The project is slated to incorporate a 450-room hotel with a casino boasting 400 gaming tables and 1,200 slot machines.

In a separate filing on Monday morning providing further information on the loan facility, Summit Ascent Holdings – a fellow subsidiary of the companies’ parent LET Group Holdings – revealed its own subsidiary, SA Investments, would provide financial assistance to Suntrust via security and project support.

These are to include, by way of a security agreement, a first charge and assignment to the lender of all present and future convertible issued by Suntrust to SA Investments, and of all shares in Suntrust held now or in the future by SA Investments.

SA Investments will also be required to provide support to ensure the timely completion of the hotel and casino project and to provide funding on any cost overruns.

Explaining the reasons for offering such support, Summit Ascent – whose main business interest is its majority stake in Russian casino-resort Tigre de Cristal – said, “Facilitating the completion and opening of the Main Hotel Casino is essential to the Group in securing a return on its investment.

“The Financial Assistance helps in the obtaining of the Loan Facility by Suntrust from the Lender required for the development and completion of the Main Hotel Casino. Otherwise, Suntrust may not be able to secure adequate funding for the Main Hotel Casino and the Group is unlikely to be able to recuperate its investment in Suntrust.”

Suntrust has previously stated it expects to open the Manila hotel and casino by late 2024, although under the terms of the loan facility, funds will continue to be drawn down through October 2025.

RelatedPosts

On the brink

Macau GGR continues recent resurgence by rising 19% year-on-year to MOP$21.1 billion in June

Tue 1 Jul 2025 at 12:52
PAGCOR donates US$888,000 to Bureau of Immigration to help fund deportation of former POGO workers

PAGCOR donates US$888,000 to Bureau of Immigration to help fund deportation of former POGO workers

Tue 1 Jul 2025 at 08:54
Cebu’s NUSTAR Hotel makes immediate mark by entering Michelin Guide Hotel List

Cebu’s NUSTAR Hotel makes immediate mark by entering Michelin Guide Hotel List

Mon 30 Jun 2025 at 14:04
SM Prime Holdings to expand Philippines MICE offering in Cebu and Manila

SM Prime Holdings to expand Philippines MICE offering in Cebu and Manila

Sun 29 Jun 2025 at 17:45
Load More
Tags: Andrew LocasinoEntertainment Cityhotelloan facilityManilaPhilippinesSuntrust Resort Holdings Inc
Share59Share10
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

JP Morgan: Macau GGR surge seemingly sparked by direct VIP, ultra-premium mass gaming customers

by Ben Blaschke
Tue 1 Jul 2025 at 18:15

The unexpected resurgence of Macau gaming revenues over the past two months, which culminated in June GGR smashing consensus at 19% year-on-year growth, appears to have been supported by the performance of the high-end gaming segments, according to investment bank...

Thailand in political turmoil as Constitutional Court suspends Paetongtarn as Prime Minister over leaked phone call

Thailand in political turmoil as Constitutional Court suspends Paetongtarn as Prime Minister over leaked phone call

by Newsdesk
Tue 1 Jul 2025 at 15:26

Thailand’s fragile political situation took another dramatic turn on Tuesday as the Constitutional Court suspended Paetongtarn Shinawatra as Prime Minister pending an investigation into her leaked phone call with former Cambodia leader Hun Sen. Paetongtarn may still remain as culture...

On the brink

Macau GGR continues recent resurgence by rising 19% year-on-year to MOP$21.1 billion in June

by Ben Blaschke
Tue 1 Jul 2025 at 12:52

Macau’s casinos generated gross gaming revenue of MOP$21.06 billion (US$2.60 billion) in June, representing a 19.0% improvement over the same month last year and continuing the city’s recent growth spurt. The June figure was only slightly lower than May, when...

PAGCOR donates US$888,000 to Bureau of Immigration to help fund deportation of former POGO workers

PAGCOR donates US$888,000 to Bureau of Immigration to help fund deportation of former POGO workers

by Newsdesk
Tue 1 Jul 2025 at 08:54

Philippine gaming regulator PAGCOR has approved a Php50 million (US$888,000) grant to the Bureau of Immigration (BI) to fund the ongoing deportation of foreign workers previously employed by illegal offshore gaming operators, or POGOs, it revealed Tuesday. In a statement,...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English