• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 4 September 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

Summit Ascent reaches refinancing agreements with Suntrust to ensure completion of Manila hotel and casino

Ben Blaschke by Ben Blaschke
Thu 27 Jul 2023 at 06:53
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.

42
SHARES
1k
VIEWS
Print Friendly, PDF & Email

Suntrust Resort Holdings Inc, the subsidiary of Hong Kong’s LET Group Holdings currently developing a US$1.1 billion hotel and casino in Manila’s Entertainment City precinct, has entered into a series of refinancing agreements with Summit Ascent Holdings.

According to information filed by Summit Ascent on Thursday morning, the agreements include a new loan agreement under which SA Investments will provide a loan facility to Suntrust of up to US$20 million, pending shareholder approval.

The loan facility relates to a requirement for Suntrust to maintain a credit balance of no less than US$20 million in a construction reserve account to cover any cost over-runs in the construction of the Manila hotel and casino.

Summit Ascent, whose primary interest is a controlling stake in Russian casino Tigre de Cristal, will also subscribe to Php13.5 billion (US$248 million) in new convertible bonds, with the subscription price to be set off against the sum of convertible bonds Summit Ascent subscribed to in 2020 and 2022. The new agreement will also set off interest owed under those 2020 and 2022 convertible bonds agreements, with Suntrust having failed to meet interest payment obligations for the 2020 convertible bonds on 30 December 2022 and on the 2022 convertible bonds on 10 June 2023.

Summit Ascent said the offset amounts, which include both the principal amount and accrued interest, total Php6.19 billion (US$113 million) for the 2020 convertible bonds and Php6.85 billion (US$126 million) for the 2022 convertible bonds.

Summit Ascent said in its filing that the agreements constitute a connected transaction given that LET Group – formerly known as Suncity Group – holds a 51% stake in Suntrust and a 69.66% stake in Summit Ascent. Should Summit Ascent choose to convert all bonds it now holds in Suntrust, LET Group’s deemed stake in Suntrust would increase to 86.4%.

Explaining the reasons for providing this latest financial assistance, Summit Ascent said Suntrust’s failure to effect payment of interest due under the 2020 and 2022 convertible bonds may deter other investors from providing funding for the remaining capital expenditure needs for the development of the Manila hotel and casino at Westside City, which may significantly postpone its completion and opening.

As such, while the new convertible bonds agreement represents a 38.9% discount to the 2020 convertible bonds conversion price and 33.3% discount to that of the 2022 convertible bonds, they are also seen as “increasing the prospective long-term value and return of the Group’s investment in Suntrust and the potential equity stake of the Group in Suntrust upon the eventual opening of the Main Hotel Casino, with the number of potential Conversion Shares increased by approximately 75.0%.”

On the progress of the Manila development, Summit Ascent explained that Suntrust has so far paid 42% of the estimated total construction and development cost.

“The Suntrust Group is also starting the employee recruitment process for the Main Hotel Casino’s operations team,” it said.

“If SA Investments does not restructure the payment obligations with Suntrust, the Loan Facility would be adversely affected and Suntrust may not be able to secure adequate funding for the Main Hotel Casino.

“As a result, the Group is unlikely to be able to recuperate its investment in Suntrust. Facilitating the completion and opening of the Main Hotel Casino is essential to the Group securing a return on its investment.”

RelatedPosts

Travellers Group set to take majority equity position in development of Manila’s LETX hotel and casino to pave completion roadmap, planned to become operator upon launch 

Suntrust begins process of transferring control of Manila’s LETX project to Travellers by acquiring shares in new entity

Thu 4 Sep 2025 at 12:02
Philippines international visitation back to 70% of pre-COVID levels

Foreign visitation to the Philippines down 2.8% from January to July on lower arrivals from South Korea and China

Thu 4 Sep 2025 at 05:19
Philippines licensed casinos suffer 2Q24 GGR decline but E-Games sector drives industry growth

Philippines online gaming sector generates US$1.2 billion in fees in first seven months of 2025 as PAGCOR vows crackdown on illegal sites

Thu 4 Sep 2025 at 04:49
NUSTAR joins Brigada Eskwela 2025 to Support local kindergarten students

NUSTAR joins Brigada Eskwela 2025 to Support local kindergarten students

Wed 3 Sep 2025 at 16:46
Load More
Tags: casinoconvertible bondsEntertainment Cityloan facilityManilaPhilippinesSummit Ascent HoldingsSuntrust Resort Holdings IncWestside City
Share17Share3
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 – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

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

Related Posts

Galaxy Macau signs four-year strategic partnership to bring UFC events to Galaxy Arena

Galaxy Macau signs four-year strategic partnership to bring UFC events to Galaxy Arena

by Pierce Chan
Thu 4 Sep 2025 at 12:13

Galaxy Entertainment Group has announced a four-year strategic partnership with the Ultimate Fighting Championship (UFC) to bring three UFC Fight Nights to Galaxy Macau’s Galaxy Arena between 2026 and 2029. Under the partnership Galaxy Arena will host the opening round...

Travellers Group set to take majority equity position in development of Manila’s LETX hotel and casino to pave completion roadmap, planned to become operator upon launch 

Suntrust begins process of transferring control of Manila’s LETX project to Travellers by acquiring shares in new entity

by Ben Blaschke
Thu 4 Sep 2025 at 12:02

Philippine-listed Suntrust Resort Holdings, Inc said Thursday that it has subscribed to 400 million common shares in Westside Bayshore Holding Corporation (WBHC) – the soon-to-be new holding company for Manila’s LETX integrated resort development – as the process to transfer...

Casinos remain closed as Goa extends lockdown measures for one week

Delta Corp puts Goa integrated resort project on hold pending resolution of crippling tax claims

by Newsdesk
Thu 4 Sep 2025 at 06:06

India’s Delta Corp has suspended construction of a US$285 million integrated resort project in Goa until it receives more clarity on moves to increase the GST charged on bets placed to 40% and retrospectively claim back taxes. The project, first...

Philippines international visitation back to 70% of pre-COVID levels

Foreign visitation to the Philippines down 2.8% from January to July on lower arrivals from South Korea and China

by Newsdesk
Thu 4 Sep 2025 at 05:19

The number of foreign visitor arrivals to the Philippines is down almost 3% for the first seven months of 2025 combined, impacted by the continued decline in visitation from key source markets South Korea and China. According to latest information...

Your browser does not support the video tag.


IAG

© 2005-2025
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

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English