Suntrust Resort secures US$6m loan
Suntrust Resort Holdings has agreed to a loan from a related party controlled by chairman Andrew Lo Kai Bong.
The Philippines.- Suntrust Resort Holdings, the developer of the Westside City project in Manila, has announced that its board of directors has approved a loan worth US$6m. The loan will be provided by a related party, Major Success Group.
The details of the financial agreement have not been disclosed and the company has not clarified how it plans to use the funds acquired. Major Success Group, based in the British Virgin Islands, is wholly owned by Suntrust chairman Andrew Lo and serves as the majority shareholder of LET Group Holdings, the controlling shareholder of Suntrust Resort Holdings.
LET Group Holdings had already expressed the need for financing to complete the development of the US$1bn Westside City project, which is set to include 400 gaming tables and 1,200 slot machines, 450 five-star hotel rooms and 960 parking spaces covering 44,000 square metres.
The company has confirmed that construction work on the IR had reached level 10 by the end of the first quarter and added it’s still on track for a 2024 launch. Suntrust Resort reported net income of PHP92.6m for the first quarter, compared to a loss of PHP194.3m last year.
