LET Group provides US$5m loan to Suntrust for Westside City casino
The loan must be repaid within 10 years from the execution date.
The Philippines.- Suntrust Resort Holdings has announced that its board has approved a loan of US$5m from LET Group Holdings to help the company 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.
Developed by Philippine conglomerate Alliance Global Group, the Westside City project involves the construction of a casino hotel complex with 400 gaming tables and 1,200 slot machines, 450 five-star hotel rooms and 960 parking spaces covering 44,000 square metres.
With an estimated cost of around US$1bn, construction work on the IR reached level 10 by the end of the first quarter and is still on track for a 2024 launch.
In a separate filing, Summit Ascent Holdings disclosed its subsidiary’s agreement to subscribe to convertible bonds worth up to PHP13.51bn (US$247.5m) to be issued by Suntrust. These bonds are intended to raise capital for the project.
