LET Group Holdings, formerly known as Suncity Group Holdings, has provided a $17 million loan to its Philippine Stock Exchange-listed subsidiary Suntrust Resort Holdings to help finance its Westside City Project integrated resort development in Manila.
According to a disclosure filed with the PSE, Suntrust’s board of directors approved the loan agreement on June 19th with the funds to be used for the construction and development of the company’s integrated resort project located in Entertainment City, Manila.
The proceeds will supplement Suntrust’s existing capital resources as it works to bring its integrated resort to completion.
The 10-year loan agreement was executed on June 19th, with Suntrust’s board also appointing LET Group Chairman Andrew Lo Kai Bong or his authorized representative as the company’s signatory for the loan transaction.
The Westside City Project, an integrated resort in Manila’s Entertainment City being developed by Suntrust Resort Holdings, is planning to open its Main Hotel Casino in the first quarter of 2025.
Suntrust stated that the additional financing will allow it to push forward with the construction and accelerate the development of the integrated resort.
In April Suntrust had already received a $38 million loan from LET Group for the same purposes linked to the construction of the Westside City Project.
Back in July 2023, Summit Ascent Investments, a subsidiary directly owned by Summit Ascent Holdings Ltd. also committed to subscribing to convertible bonds amounting to a maximum of PHP13.51 billion ($235.2 million) issued by Suntrust.
