• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 7 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

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

DigiPlus launches US$106 million share buyback scheme

DigiPlus launches US$106 million share buyback scheme

Mon 7 Jul 2025 at 10:17
Philippine resort NUSTAR enters strategic partnership with airport hospitality provider Plaza Premium Group

Philippine resort NUSTAR enters strategic partnership with airport hospitality provider Plaza Premium Group

Sun 6 Jul 2025 at 09:11
Winds of change

As Philippine lawmakers push to crack down on the online gaming sector, PAGCOR promises to impose “any and all” regulations signed into law

Sat 5 Jul 2025 at 08:16
Light & Wonder’s Ken Jolly discusses founder exhibitor status at 2025 IAG EXPO 9 and 10 Sep 2025

Light & Wonder’s Ken Jolly discusses founder exhibitor status at 2025 IAG EXPO 9 and 10 Sep 2025

Thu 3 Jul 2025 at 13:57
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 – 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
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

DigiPlus launches US$106 million share buyback scheme

DigiPlus launches US$106 million share buyback scheme

by Newsdesk
Mon 7 Jul 2025 at 10:17

Philippine gaming technology firm DigiPlus Interactive Corp has announced the launch of a Php6 billion (US$106 million) share buyback scheme that it says highlights the company’s confidence in its long-term growth prospects. Notably, the announcement comes just days after company...

Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners offer one month reprieve to complete Queen’s Wharf Brisbane deal

by Ben Blaschke
Mon 7 Jul 2025 at 08:55

A deal to offload its 50% stake in the AU$3.6 billion (US$2.4 billion) The Star Brisbane integrated resort at Queen’s Wharf is still on the table for Star Entertainment Group after revealing Monday that its Hong Kong partners have granted...

Inside Thai IRs

Thai government may formally withdraw casino bill from House agenda citing need for new cabinet to review

by Newsdesk
Mon 7 Jul 2025 at 05:20

The Thai government will consider formally withdrawing its controversial Entertainment Complex Bill from the House agenda this week in order to allow a thorough review by the newly appointed cabinet, said Deputy Finance Minister Julapun Amornvivat. The bill could be...

JP Morgan analysis says Bangkok IRs could generate combined US$5 billion annually

Thai authorities arrest 70 in bust of illegal Bangkok gambling den

by Newsdesk
Sun 6 Jul 2025 at 14:41

With the prospect of legal casinos in Thailand looking more remote by the day, authorities have arrested more than 70 people after busting an illegal gambling den in the Phahon Yothin area of Bangkok. According to The Bangkok Post, the...



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