LISTED Suntrust Resort Holdings, Inc. is securing a $17-million (P999.26 million) loan from its parent company LET Group Holdings Ltd. for the development of its hotel and casino project in Parañaque City.
The loan was approved by Suntrust’s board of directors during a meeting on June 19 and will be used to fund project costs and construction of the Westside City integrated resort project, the listed company said in a regulatory filing on Thursday.
Under the loan agreement, the $17-million loan will be payable within ten years from the execution date. LET Group is a Hong Kong-based integrated resort operator.
Suntrust Resorts previously said that it aims to start the operations of the hotel and casino establishment in the first quarter of 2025.
“As at March 31, the construction of structural work and major façade systems up to roof level have been completed,” the company said.
“The major mechanical, electrical, and plumbing equipment have been delivered to construction site and are undergoing installation. Architectural builders and fit-out works, and external civil works are in progress,” it added.
The hotel and casino project will feature 475 rooms and suites. Its amenities include a pool deck, spa, wellness center, ballroom, theaters, grand opera house, performing arts theater, and a mall.
It will also initially have 281 gaming tables, 1,126 slot machines, and 134 electronic games for both mass and VIP markets.
Meanwhile, Suntrust Resort said its board also appointed Lo Kai Bong or his duly authorized representative as the company’s authorized signatory for the loan.
The company recorded a P256.1-million net loss in the first quarter, a turnaround from the P92.58-million net income last year. Foreign exchange gain — net during the period was nil compared with the P162.08 million last year.
Suntrust Resort stocks were last traded on June 19 at 99 centavos per share. — Revin Mikhael D. Ochave
