LET Group provides US$38m loan to Suntrust for Westside City casino
The Westside City Project is expected to open in the first quarter of 2025.
The Philippines.- Suntrust Resort Holdings has announced that its board has approved a loan of US$38m from LET Group Holdings to help fund its Westside City project. According to the filing made to the Philippine Stock Exchange, the loan is due for repayment within ten years unless extended by mutual agreement.
The Westside City Project is expected to open in the first quarter of 2025. The company had originally planned a 2023 opening. The US$1bn project is set to include 400 gaming tables and 1,200 slot machines, 450 five-star hotel rooms and 960 parking spaces.
Last July, the company provided a US$5m loan to the casino operator with similar conditions. In a separate filing, LET Group Holdings announced that an entity called Gold Yield Enterprises (GYE) repaid a loan of US$31.2m to indirect subsidiary Star Admiral. It now expects to record a share of profit on the joint venture after a loss in previous years.
