{"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":"2026-04-23T21:34:23","modified_gmt":"2026-04-24T00:34:23","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,"is_interview":false,"is_opinion":false,"focusai_summary":"SunTrust, a Suncity Group subsidiary, has secured a HK$930m (US$120m) loan from Summit Ascent Holdings to finance its Manila hotel and casino development, scheduled for completion in late 2022. This financing reallocates funds originally designated for Summit Ascent's delayed Tigre de Cristal project, pending approval by Summit Ascent shareholders. The Manila resort will feature 400 gaming tables, 1,200 slot machines, and 400 five-star hotel rooms.","focusai_entities":"SunTrust, Suncity Group, Summit Ascent Holdings","focusai_location":"Manila, Philippines","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Capital Reallocation Impact","query":"What are the specific implications of reallocating capital from the Tigre de Cristal project to the Manila development on Summit Ascent's overall project portfolio risk and long-term shareholder value?"},{"label":"Manila Market Dynamics","query":"How will the introduction of SunTrust's 400-table, 1,200-slot Manila resort impact the competitive landscape and GGR projections for existing operators within Entertainment City?"}],"footnotes":""},"categories":[157,16333],"tags":[23907,23701,22948],"class_list":["post-15162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-land-based-casino","tag-summit-ascent","tag-suntrust"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/15162","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\/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}]}}