{"id":777005714,"date":"2023-05-29T09:20:19","date_gmt":"2023-05-29T12:20:19","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777005714"},"modified":"2026-04-22T21:32:20","modified_gmt":"2026-04-23T00:32:20","slug":"suntrust-resort-secures-us6m-loan","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suntrust-resort-secures-us6m-loan","title":{"rendered":"Suntrust Resort secures US$6m loan"},"content":{"rendered":"\n<p>Suntrust Resort Holdings has agreed to a loan from a related party controlled by chairman Andrew Lo Kai Bong.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.-&nbsp;<strong>Suntrust Resort Holdings<\/strong>, 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,&nbsp;<strong>Major Success Group<\/strong>.<\/p>\n\n\n\n<p>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&nbsp;<strong>LET Group Holdings<\/strong>, the controlling shareholder of&nbsp;<strong>Suntrust Resort Holdings<\/strong>.<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/let-group-seeks-financing-to-finish-its-westside-city-project\" target=\"_blank\">LET Group Holdings<\/a>&nbsp;had already expressed the need for financing to complete the development of the US$1bn Westside City project, which is set to include&nbsp;<strong>400 gaming tables and 1,200 slot machines<\/strong>, 450 five-star hotel rooms and 960 parking spaces covering 44,000 square metres.&nbsp;<\/p>\n\n\n\n<p>The company has confirmed that&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/suntrust-confirms-2024-opening-for-manila-casino-hotel\" target=\"_blank\">construction work on the IR had reached level 10<\/a>&nbsp;by the end of the first quarter and added it\u2019s still on&nbsp;<strong>track for a 2024 launch<\/strong>. Suntrust Resort reported<strong>&nbsp;net income of PHP92.6m for the first quarter<\/strong>, compared to a loss of PHP194.3m last year.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Suntrust Resort Holdings has agreed to a loan from a related party controlled by chairman Andrew Lo Kai Bong.<\/p>\n","protected":false},"author":176,"featured_media":13232,"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 Resort Holdings has secured a US$6m loan from Major Success Group, a related party controlled by chairman Andrew Lo Kai Bong, to support the ongoing development of its Westside City integrated resort in Manila. This intra-group financing comes as the US$1bn project progresses towards a 2024 launch and Suntrust reports a return to net profitability in Q1. The transaction highlights the financing dynamics within the broader LET Group Holdings structure.","focusai_entities":"Suntrust Resort Holdings, Major Success Group, Andrew Lo Kai Bong, LET Group Holdings","focusai_location":"Philippines, Manila, British Virgin Islands","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Loan Terms Impact?","query":"What are the specific terms and conditions of the US$6m related-party loan, and how does this financing structure impact Suntrust Resort Holdings' overall capitalisation strategy for the Westside City project?"},{"label":"Westside City Funding?","query":"Given the US$1bn estimated cost for Westside City, how will Suntrust Resort Holdings secure the remaining substantial financing required for project completion beyond this US$6m loan?"}],"footnotes":""},"categories":[157,16333],"tags":[22948],"class_list":["post-777005714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-suntrust"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005714","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=777005714"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005714\/revisions"}],"predecessor-version":[{"id":777005750,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005714\/revisions\/777005750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13232"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777005714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777005714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777005714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}