{"id":13028,"date":"2021-01-05T09:17:16","date_gmt":"2021-01-05T09:17:16","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=13028"},"modified":"2026-04-23T22:57:06","modified_gmt":"2026-04-24T01:57:06","slug":"suntrust-raises-us268-5m-for-manila-casino","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suntrust-raises-us268-5m-for-manila-casino","title":{"rendered":"Suntrust raises US$268.5m for Manila casino"},"content":{"rendered":"\n

The Suncity Group subsidiary in the Philippines has issued convertible bonds to Fortune Noble and Summit Ascent.<\/p>\n\n\n\n\n\n\n\n

Philippines.- Suntrust Home Developers, a Suncity Group subsidiary in the Philippines, has raised Php12.9bn (US$268.5m) through convertible bonds issued to Fortune Noble Limited and Summit Ascent.<\/p>\n\n\n\n

Suntrust issued bonds to Fortune Noble – another Suncity Group wholly-owned subsidiary – on November 30 for the total amount of Php7.3bn (US$152m)<\/p>\n\n\n\n

The remaining bonds for Php5.6bn (US$116m) were issued in favour of Summit Ascent, a wholly-owned subsidiary of Summit Ascent Holdings Limited.<\/p>\n\n\n\n

The goal is to use the funds to develop a 5-star hotel and casino project at Manila Bayshore Integrated City in Paranaque City.<\/p>\n\n\n\n

In the filling on Monday, Suntrust stated the conversion rights of the issued bonds in favour of Fortune Noble can only be exercised in case the company does not breach the relevant minimum public float requirement in the Philippines, which is currently at 10 per cent.<\/p>\n\n\n\n

This firm currently owns 51 per cent of the company, while Megaworld Corporation holds 34 per cent.<\/p>\n\n\n\n

The new Suntrust Manila casino and hotel<\/h2>\n\n\n\n

The funds will be used to develop an integrated resort along with Westside City Resorts World, located at Manila\u2019s Entertainment City.<\/p>\n\n\n\n

According to the latest filling from Suncity Group, the project will incorporate 400 hotel rooms, a casino with approximately 400 gaming tables and 1,200 slot machines, for both mass and VIP markets.<\/p>\n\n\n\n

It will also include a parking facility with 960 spaces.<\/p>\n\n\n\n

Suncity\u2019s stake in Suntrust<\/h2>\n\n\n\n

Last July, Suncity Group Holdings made US$66m loan<\/a><\/em><\/strong> to its Philippines subsidiary in order to pay a third deposit on its Manila integrated resort project.<\/p>\n\n\n\n

The move increased Suncity\u2019s stake in the Philippines company from 51 to 74.42 per cent via a subscription of convertible bonds.<\/p>\n\n\n\n

It was the third deposit<\/a><\/em><\/strong> the company made in the firm that will develop its new Manila integrated resort, after an initial US$20m in January and US$46m in June.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Suncity Group subsidiary in the Philippines has issued convertible bonds to Fortune Noble and Summit Ascent.<\/p>\n","protected":false},"author":2,"featured_media":13030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suntrust Home Developers, a Suncity Group subsidiary, has secured Php12.9bn (US$268.5m) through convertible bond issuances to Fortune Noble and Summit Ascent. These funds are earmarked for the development of a significant 5-star hotel and casino integrated resort project within Manila's Entertainment City, targeting both mass and VIP gaming segments. The transaction also highlights Suncity Group's increasing equity stake in Suntrust and adherence to Philippine public float requirements.","focusai_entities":"Suncity Group, Suntrust Home Developers, Fortune Noble Limited, Summit Ascent, Summit Ascent Holdings Limited, Megaworld Corporation","focusai_location":"Philippines, Manila, Paranaque City","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.85), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Bond Conversion Terms","query":"What are the specific terms and conversion prices of the convertible bonds issued to Fortune Noble and Summit Ascent, and how do they impact Suntrust's future capital structure?"},{"label":"Suncity Regional Strategy","query":"How does Suncity Group's increased stake in Suntrust Home Developers align with its broader regional expansion strategy, particularly concerning its B2B and B2C licensing ambitions in Asia?"}],"footnotes":""},"categories":[163,16333],"tags":[23632,128,22948],"class_list":["post-13028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-integrated-resorts","tag-philippines","tag-suntrust"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=13028"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13028\/revisions"}],"predecessor-version":[{"id":13042,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13028\/revisions\/13042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13030"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}