SunTrust Resorts Holdings, which develops a hotel casino (artist rendering photo) under construction in Westside City, Manila, the Philippines capital, said its board had agreed to take out a US$17 million loan from LET Group Holdings.
The decision was made at a meeting on Wednesday, the company said in a filing with the Philippine Stock Exchange.
SunTrust said the proceeds were “project costs and funds needed to build a main hotel casino.” The loans will be paid within 10 years of the execution date.
Hong Kong-listed LET Group indirectly controls SunTrust, which is set to open operations at hotel casinos in the “first quarter of 2025.”
SunTrust said the loan agreement “is not expected to negatively impact the company’s business, operations and financial position as it is expected to benefit the company’s profits.”
In April, SunTrust said it had agreed to a US$38 million loan from LET Group, which competes to build a hotel casino.
In June last year, SunTrust said it had secured “all or substantially all of the company’s assets and assets” under the maximum PHP250.0 billion (now $425.3 million) lending facility provided by the Bank of China. 바카라사이트
The new gaming facility will use the casino license of Travelers International Hotel Group, the operator of Manila’s Newport World Resort Casino Complex.
Speaking to GGRAsia earlier this month, Alejandro Tenko, head of the Philippine Entertainment and Gaming Company (Pagcor), said he had received a firm answer about the opening of a hotel casino being developed by SunTrust.
“I’m confident the project will start because I use my traveller’s license,” Tengco, chairman and chief executive of China’s gaming regulator, told GGRAsia.
He added: “I’ve had conversations with Traveller’s top management, and I’m confident they’ll make sure they complete the project.”