MANILA, Philippines — Listed Suntrust Resort Holdings Inc. will get a fresh $17-million loan from its parent company to help bankroll the development of its upcoming $1-billion casino hotel in Parañaque City.
In a stock exchange filing on Thursday, the company formerly known as Suntrust Home Developers Inc. said its board of directors had approved the proposed loan deal with LET Group Holdings Ltd.
The loan will be payable in 10 years and is “not expected to have any adverse effect on the business, operations and financial condition of the company, as it is expected to redound to the benefit of the company.”
This is in addition to a $38-million loan Suntrust secured from LET Group in April to partially fund the completion of the project dubbed Westside City Hotel.
Expected to open in 2025, this casino hotel will be the fourth such facility to rise within Entertainment City, after Solaire Resort and Casino, City of Dreams Manila, and Okada Manila.
READ: Suntrust pushes 2025 launch of fourth casino complex
In 2020, Suntrust signed an agreement with tycoon Edgar Saavedra’s Megawide Construction Corp. to codevelop Westside City.
It is expected to have 475 luxury hotel rooms and suites, and 1,000-seat and 800-seat theaters, along with 1,126 slot machines, 281 gaming tables, and 134 electronic table games.
Previously, Suntrust also signed a P25-billion loan agreement with Sy family-led China Banking Corp., and another $6-million deal with Major Success Group Ltd., the holding company of the LET Group. Both loans will also be used to fund the development of Westside City.
Suntrust reported a net loss of P246.13 million in the first quarter, coming from a net profit of P92.84 million in the same period last year as its expenses nearly doubled.