Suntrust secures US$446.4m loan for Manila casino project
Suntrust Resort Holdings has secured the loan from China Banking Corp for its casino hotel in Manila.
The Philippines.- Suntrust Resort Holdings, the developer of the Westside City project in Manila, has announced that it has secured a new loan facility from China Banking Corp. The board has authorised the company to enter into a loan agreement of up to PHP25.00bn (US$446.4m) with China Bank, a privately-owned commercial bank based in the Philippines.
Suntrust will need to execute an omnibus loan and security agreement with China Bank and other relevant parties involved. This includes finalising a loan facility agreement, a mortgage agreement and a security agreement. Suntrust’s chairman, Andrew Lo Kai Bong, and the firm’s president, David Chua Ming Huat, will serve as the authorized signatories for the transaction.
Suntrust, which is controlled by Hong Kong-listed LET Group Holdings, had previously announced its intent to seek financing to complete the development of the casino hotel within the Westside City project. Developed by Philippine conglomerate Alliance Global Group, the 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.
The company has confirmed that construction work on the IR had reached level 10 by the end of the first quarter and is still on track for a 2024 launch.
Suntrust recently disclosed that its board had approved a separate US$6m loan from a related party, controlled by the company’s chairman, Lo. The details of the financial agreement have not been disclosed and the company has not clarified how it plans to use the funds acquired.
