{"id":15162,"date":"2021-02-24T15:15:56","date_gmt":"2021-02-24T15:15:56","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=15162"},"modified":"2021-02-24T15:15:57","modified_gmt":"2021-02-24T15:15:57","slug":"summit-loans-suntrust-us120m-for-new-manila-casino","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/summit-loans-suntrust-us120m-for-new-manila-casino","title":{"rendered":"Summit loans SunTrust US$120m for new Manila casino"},"content":{"rendered":"\n<p>The Manila hotel and casino development is scheduled for completion in late 2022.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.- SunTrust, a Suncity Group subsidiary in the Philippines, has signed a loan agreement with Summit Ascent Holdings to fund the construction of its <strong>hotel and casino development<\/strong> in Manila\u2019s Entertainment City.<\/p>\n\n\n\n<p>The Manila casino resort <strong>will include 400 gaming tables<\/strong> and 1,200 slot machines, 400 five-star hotel rooms and 960 parking spaces covering 44,000 square metres.<\/p>\n\n\n\n<p>According to Summit, the <strong>HK$930m (US$120m) loan <\/strong>sets a default <strong>annual interest rate of 8 per cent <\/strong>and a maturity date at three months from the date of the disbursement to SunTrust.<\/p>\n\n\n\n<p>The loan agreement <strong>has to be approved by a special general meeting<\/strong> of Summit Ascent shareholders.<\/p>\n\n\n\n<p>Summit Ascent stated that because of the delays in the development of its <em><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/tigre-de-cristal-casino\" target=\"_blank\">Tigre de Cristal casino complex<\/a><\/em>, part of the net proceeds from an<strong> October 2020 rights issue will be deployed as a loan<\/strong>.<\/p>\n\n\n\n<p>The company said: \u201cThe board is of the view that the proposed change in use of the original portion for Tigre de Cristal as loan<strong> is fair and reasonable<\/strong> and in the interests of the company and the shareholders as a whole.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Manila hotel and casino development is scheduled for completion in late 2022.<\/p>\n","protected":false},"author":176,"featured_media":15167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"footnotes":""},"categories":[157,16333],"tags":[23907,23701,22948],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/15162"}],"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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=15162"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/15162\/revisions"}],"predecessor-version":[{"id":15188,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/15162\/revisions\/15188"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/15167"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=15162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=15162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=15162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}