Thursday, May 23, 2024
HomeNewsPhilippinesSuntrust secures $38M loan for development of Westside City Project 

Suntrust secures $38M loan for development of Westside City Project 

FOLLOW US

Philippines gaming operator Suntrust Resort Holdings has secured a $38 million loan from LET Group to ‘fund project costs and the construction of its Westside City Project hotel and casino.

LET Group Holdings, formerly known as Suncity Group, is the controlling shareholder of Suntrust Resort Holdings.

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.

It is noted in the company’s annual report that, as of December 31st, 2023, the construction of structural work and tower facade up to the roof level has been completed (except for the facade at the middle portion of the skybridge).

According to the new Loan Agreement, the LET Group agreed to extend the $38 million to Suntrust, payable within 10 years from the execution date unless extended by the parties or shortened due in the event of a default.

Suntrust notes that the loan is not expected to have any adverse effect on its business, operations, and financial condition as it is expected to redound to the benefit of the company.

Westside City

Westside City Project’s Main Hotel Casino will have 475 luxury hotel rooms and suites, a ballroom capable of accommodating 550 people with support facilities such as meeting rooms and a bridal room.

The company notes that at the opening, the casino establishment will have 281 gaming tables, 1,126 slot machines, and 134 electronic table games (ETGs) for both the mass and VIP markets.

The property will also include a 1,000-seat and two 800-seat theaters, a grand opera house, a 3,000-seat performing arts theater, a mall composed of food and beverage and retail units, and four cinemas, along with a parking facility with over 1,000 slots.

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.

RELATED ARTICLES