MANILA, Philippines — Suntrust Resort Holdings Inc. has secured funds from its parent firm to bolster the company’s war chest for the development of a five-star hotel and casino establishment at the Entertainment City in Parañaque City dubbed as the Main Hotel Casino.
In a stock exchange filing, Suntrust said it has been granted by LET Group Holdings Ltd. a loan amounting to $17 million.
“Under the loan agreement, the LET Group agreed to extend a loan to the company in the amount $17 million payable within 10 years from execution date unless extended by the parties or shortened due to the happening of an event of default,” Suntrust said.
Suntrust is the Philippine unit of Hong Kong’s LET Group.
Proceeds of the loan will be used by the listed company to fund project costs and the construction of the Main Hotel Casino.
Suntrust management aims to commence the operations of the Main Hotel Casino in the first quarter of 2025.
The Main Hotel Casino will have 475 luxury hotel rooms and suites, a pool deck, spa, state-of-the-art wellness center with views of the Manila Bay sunset, a ballroom capable of accommodating 550 people with support facilities such as meeting rooms and a bridal room.
It will also have a 1,000-seat and two 800-seat theaters, a grand opera house, a 3,000-seat performing arts theater, a mall composed of food and beverages and retail units and four cinemas and a parking facility with over 1,000 slots.
Suntrust said the casino establishment would have 281 gaming tables, 1,126 slot machines and 134 electronic table games for both the mass and VIP markets.
Last month, Suntrust awarded P468 million worth of cabling system contracts to China Communications Services Philippines Corp. for the casino project.
The company issued a letter of award to China Communications for the design, supply and delivery of a structured cabling system for the Westside City Phase 1 – Site B project with a contract price of P332.26 million.