{"id":777015239,"date":"2024-05-06T09:49:44","date_gmt":"2024-05-06T12:49:44","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777015239"},"modified":"2026-04-22T10:33:40","modified_gmt":"2026-04-22T13:33:40","slug":"suntrust-extends-deadline-for-westside-city-casino-funding","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suntrust-extends-deadline-for-westside-city-casino-funding","title":{"rendered":"Suntrust extends deadline for Westside City casino funding"},"content":{"rendered":"\n

The<\/span>re has been a delay in obtaining a permit from the Philippines Securities Exchange Commission.<\/span><\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0Suntrust Resort Holdings<\/strong>\u00a0has extended the closing date on a deal to raise\u00a0up\u00a0to PHP13.51bn (US$235.2m) to fund its\u00a0Westside City project<\/strong>. The deadline has been pushed back by 12 months to April 30, 2025.\u00a0<\/p>\n\n\n\n

Last July Summit Ascent Investments, a subsidiary of Hong Kong-listed Summit Ascent Holdings, had agreed to\u00a0subscribe to convertible bonds worth up to PHP13.51bn (US$247.5m)<\/a>\u00a0issued by Suntrust Resort Holdings, with an original closing date of April 30 this year.Suntrust confirmed the new closing date in a filing on Friday (May 3). <\/p>\n\n\n\n

Summit Ascent has recently filed a statement stating that the deal has not yet been completed, citing the necessary consent, approval, and waiver from the Philippines Securities Exchange Commission (SEC) and other relevant government authorities regarding the subscription agreement still\u00a0need\u00a0to be obtained by Suntrust.\u00a0It said it would take\u00a0an additional 12 months to obtain SEC confirmation.\u00a0<\/p>\n\n\n\n

The reason for Summit Ascent’s financial assistance to Suntrust is because the latter has failed to pay interest on a 2020 convertible bond and a 2022 convertible bond, which may deter relevant lenders or investors from providing funding for the remaining capital expenditure needs for the development of the main hotel casino and may significantly postpone its completion and opening.<\/p>\n\n\n\n

In April, Suntrust announced that its board had approved\u00a0a US$38m loan from LET Group Holdings<\/a>, the parent company of both Summit Ascent and Suntrust.\u00a0The Westside City Project\u00a0is expected\u00a0to open in\u00a0the first quarter of 2025<\/a>.\u00a0The company had\u00a0originally\u00a0planned a 2023 opening. The US$1bn project\u00a0is set\u00a0to include\u00a0400 gaming tables and 1,200 slot machines, 450 five-star hotel rooms and 960 parking spaces.<\/p>\n","protected":false},"excerpt":{"rendered":"

There has been a delay in obtaining a permit from the Philippines Securities Exchange Commission.<\/p>\n","protected":false},"author":176,"featured_media":777014930,"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 extended the closing date for a PHP13.51bn (US$235.2m) convertible bond subscription by Summit Ascent Investments to April 30, 2025, due to delays in obtaining necessary permits from the Philippines Securities Exchange Commission (SEC) and other government authorities. This delay, coupled with Suntrust's prior interest payment defaults, impacts the funding and projected Q1 2025 opening of its US$1bn Westside City Project, necessitating a US$38m loan from parent company LET Group Holdings.","focusai_entities":"Suntrust Resort Holdings, Summit Ascent Investments, Summit Ascent Holdings, Philippines Securities Exchange Commission, LET Group Holdings","focusai_location":"Philippines, Hong Kong","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.85), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.95)","focusai_suggestions":[{"label":"SEC Approval Specifics?","query":"What are the specific regulatory requirements or outstanding issues with the Philippines Securities Exchange Commission that are delaying the convertible bond subscription approval?"},{"label":"Capital Structure Impact?","query":"How will the extended bond closing date and the US$38m loan from LET Group Holdings impact Suntrust's overall capital structure, debt-to-equity ratio, and future financing capabilities for the Westside City Project?"}],"footnotes":""},"categories":[157,16333],"tags":[24042],"class_list":["post-777015239","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\/777015239","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=777015239"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015239\/revisions"}],"predecessor-version":[{"id":777015262,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015239\/revisions\/777015262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777014930"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777015239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777015239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777015239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}