Suntrust Resort Holdings, a subsidiary of the Hong Kong-listed LET Group Holdings, is borrowing up to P25 billion from the Sy family’s China Banking Corp. to fund the development of the Westside City integrated casino in the Pagcor Entertainment City.
In a regulatory filing, Suntrust said its board gave the green light for the company to negotiate and enter into a loan facility of up to P25 billion with China Bank.
“The loan facility will redound to the benefit of the company as the proceeds are intended to fund project costs and the construction of the main casino project,” Suntrust said.
The $1 billion casino hotel will feature a 450-room five-star hotel, over 300 gaming tables and more than 1,300 electronic gaming machines when fully operational by 2025.
Suntrust had a deficit of P3.19 billion as of the end of 2022.