Philippines integrated resort investor Suntrust Resorts Holdings said Monday its Board of Directors has approved receipt of a new US$38 million loan from its parent company, LET Group Holdings, as it looks to complete its US$1.1 billion hotel and casino development in Manila’s Entertainment City.
According to details contained in a filing, the loan will be repayable within 10 years of the execution date unless extended by mutual agreement or shortened by way of default.
Suntrust’s hotel and casino project forms part of the larger Westside City development. When complete it will offer 475 luxury hotel rooms, a casino with 281 gaming tables, 1,126 slot machines and 134 electronic table games, a pool deck, spa, wellness center, ballroom and MICE space, multiple theaters, a “grand opera house”, food mall and four cinemas.
Originally slated for a 2024 opening, Suntrust recently revealed the launch was delayed until early 2025. It will, upon opening, become Entertainment City’s fifth casino resort alongside City of Dreams Manila, Newport World Resorts, Okada Manila and Solaire.
Provision of this latest loan comes after LET Group revealed last week it had received full repayment of the US$31.2 million outstanding on a previous loan it had issued in relation to its investment in Vietnam integrated resort Hoiana.
LET Group owns 51% of Suntrust.
