{"id":777006124,"date":"2023-06-09T08:12:21","date_gmt":"2023-06-09T11:12:21","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777006124"},"modified":"2026-04-22T21:07:33","modified_gmt":"2026-04-23T00:07:33","slug":"suntrust-secures-us446-4m-loan-for-manila-casino-project","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suntrust-secures-us446-4m-loan-for-manila-casino-project","title":{"rendered":"Suntrust secures US$446.4m loan for Manila casino project"},"content":{"rendered":"\n

Suntrust Resort Holdings has secured the loan from China Banking Corp for its casino hotel in Manila.<\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0Suntrust Resort Holdings<\/strong>, the developer of the Westside City project in Manila, has announced that it has secured a new loan facility from China Banking Corp<\/strong>.\u00a0The board has authorised the company to enter into a loan agreement of up to PHP25.00bn (US$446.4m)<\/strong> with China Bank, a privately-owned commercial bank based in the Philippines.<\/p>\n\n\n\n

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,\u00a0Andrew Lo Kai Bong<\/strong>, and the firm’s president,\u00a0David Chua Ming Huat<\/strong>, will serve as the authorized signatories for the transaction.<\/p>\n\n\n\n

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.\u00a0Developed by Philippine conglomerate Alliance Global Group, the project involves the construction of a casino hotel complex with\u00a0400 gaming tables and 1,200 slot machines<\/strong>, 450 five-star hotel rooms and 960 parking spaces covering 44,000 square metres.\u00a0<\/p>\n\n\n\n

The company has confirmed that\u00a0construction work on the IR had reached level 10<\/a>\u00a0by the end of the first quarter and is still on\u00a0track for a 2024 launch<\/strong>.\u00a0<\/p>\n\n\n\n

Suntrust recently disclosed that its board had approved\u00a0a separate US$6m loan from a related party<\/a>, 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.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Suntrust Resort Holdings has secured the loan from China Banking Corp for its casino hotel in Manila.<\/p>\n","protected":false},"author":176,"featured_media":20685,"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 PHP25.00bn (US$446.4m) loan facility from China Banking Corp to fund the completion of its Westside City casino hotel project in Manila. The integrated resort, featuring 400 gaming tables and 1,200 slot machines, is on track for a 2024 launch, with construction having reached level 10 by Q1.","focusai_entities":"Suntrust Resort Holdings, China Banking Corp, LET Group Holdings, Alliance Global Group, Andrew Lo Kai Bong, David Chua Ming Huat","focusai_location":"Philippines, Manila, Hong Kong","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Loan Facility Impact","query":"What are the specific terms and covenants of the PHP25.00bn loan facility from China Banking Corp, and how might they impact Suntrust Resort Holdings' financial flexibility and future capital expenditure plans?"},{"label":"Westside City Market Entry","query":"How is the projected 2024 launch of the Westside City casino hotel expected to alter the competitive landscape and GGR projections for the Manila integrated resort market, considering existing operators?"}],"footnotes":""},"categories":[157,16333],"tags":[24042],"class_list":["post-777006124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-suntrust-resort"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006124","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=777006124"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006124\/revisions"}],"predecessor-version":[{"id":777006155,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006124\/revisions\/777006155"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20685"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777006124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777006124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777006124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}