Philippines’ Suntrust obtains over €36 million loan for Westside City Project

Jenny Ortiz 4 weeks ago
Philippines’ Suntrust obtains over €36 million loan for Westside City Project

Suntrust Resort Holdings, a gaming operator in the Philippines, has finalized a loan agreement with LET Group Holdings, securing $38 million (€36.6 million) to finance the ongoing development of the Westside City Project. LET Group Holdings, formerly known as Suncity Group, serves as the controlling shareholder of Suntrust Resort Holdings. 

As of December 31, 2023, significant progress has been made in the Westside City Project construction. The structural work and tower facade up to the roof level have been completed, except the facade at the middle portion of the skybridge. 

Loan terms and implications 

Under the terms of the loan agreement, LET Group has agreed to extend the $38 million (€36.6 million) loan to Suntrust, with a repayment period of 10 years from the execution date. However, the repayment period may be extended by mutual agreement or shortened in the event of default. Suntrust anticipates that the loan will not negatively impact its business, operations, or financial condition, as it is expected to enhance the company’s prospects. 

Westside City Project features 

The Main Hotel Casino of the Westside City Project is set to offer 475 luxurious hotel rooms and suites, along with a spacious ballroom capable of accommodating up to 550 people. Additionally, the establishment will feature a range of support facilities, including meeting rooms and a bridal room.

In its latest filing to the Philippine Stock Exchange (PSE), Suntrust indicated a delay of at least three months from the initially expected start of the Westside City operations in the fourth quarter of 2024 to the first quarter of 2025. 

Upon opening, the casino will boast 281 gaming tables, 1,126 slot machines, and 134 electronic table games (ETGs), catering to both mass-market and VIP clientele. The property will also include state-of-the-art entertainment facilities, such as two theatres seating 1,000 and 800 guests, a grand opera house, and a performing arts theatre seating 3,000. Moreover, a mall comprising food and beverage outlets, retail units, and four cinemas will complement the entertainment offerings. The project will also provide ample parking space, with over 1,000 slots available. 

By securing this loan, Suntrust Resort Holdings is poised to further advance the development of the Westside City Project, contributing to the growth of Manila’s Entertainment City and the broader tourism sector in the Philippines. 

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