Suntrust approves US$17m loan 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$17m from LET Group Holdings. According to a filing to the Philippine Stock Exchange, the funds will be used for project costs and the construction of its Westside City casino project with repayment scheduled within ten years from the agreement date.
Suntrust had previously secured a US$38m loan from LET Group in April. Last June, the company mortgaged most of its assets under a loan facility of up to PHP25bn (US$425.3m) from China Banking Corp.
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.
