Suntrust Resorts Holdings of the Philippines has received approval for a loan from its parent company, Hong Kong-listed LET Group Holdings, for a sum of $17m.
The loan would be used to cover the construction and project costs of its main hotel-casino in Entertainment City, part of the larger Westside City development in Manila.
According to the company’s Disclosure on the PSE, the new loan was approved on 19 June 2024 by LET Holdings, which is “payable within ten (10) years of execution date unless extended by the parties or shortened due to the happening of an event of default.”
Suntrust is expected to open its new hotel-casino in early 2025. The project would consist of 475 luxury hotel rooms, a casino with 281 gaming tables, 1,126 slot machines and 134 electronic table games, as well as facilities such as a pool deck, spa, wellness centre, ballroom and MICE space, several theatres that included a “grand opera house”, food mall and four cinemas.
Suntrust’s new project would be the fifth casino resort in Entertainment City, which also housed the other four casino resorts – City of Dreams Manila, Newport World Resorts, Okada Manila and Solaire.
Recently, Solaire also launched its new resort Solaire North in Quezon City. The inauguration was led by President Ferdinand Marcos Jr. and First Lady Liza Araneta-Marcos, with Quezon City Mayor Joy Belmonte and PAGCOR Chairman Alejandro H. Tengco in attendance.
Despite recent news regarding illegal POGOs and cyber crimes, the Philippines’ regulated gaming and gambling sector still remains strong.
