The Board of Directors of Philippines integrated resort investor Suntrust Resorts Holdings said Thursday it has approved another proposed loan transaction from its parent, Hong Kong listed LET Group Holdings, to the tune of US$17 million.
The proceeds will be used to further fund project costs and the construction of the main hotel and casino it is currently building in Manila’s Entertainment City as part of the much larger Westside City development.
This latest loan comes after LET Group provided a US$38 million loan in April. Suntrust is expecting to open its US$1.1 billion hotel-casino in early 2025.
According to details filed with the Philippine Stock Exchange, the new loan is repayable within 10 years from the date of execution.
When complete, Suntrust’s project 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.
It will, upon opening, become Entertainment City’s fifth casino resort alongside City of Dreams Manila, Newport World Resorts, Okada Manila and Solaire.
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