Suntrust gets fresh loan for expansion plans
MANILA -Listed Suntrust Resort Holdings Inc. secured a fresh $6-million loan from a Hong Kong-based company as it doubles down on its expansion plans.
Suntrust, formerly Suntrust Home Developers Inc., on Friday said its board of directors had approved the proposed loan from Major Success Group Ltd.
This move comes after Suntrust announced that construction work for the $1-billion Westside City Resorts World project was on track for a 2024 opening.
In 2020, the company entered into an agreement with Megawide Construction Corp. to develop the five-star hotel and casino in Entertainment City.
It will be the fourth resort complex in the area, alongside ports tycoon Enrique Razon Jr.’s Solaire Resort and Casino, the Sy family’s City of Dreams Manila and Okada Manila.
Suntrust has so far invested P6.4 billion in the development of the property, which is expected to have at least 460 hotel rooms, 400 gaming tables and 1,200 slot machines.
Suntrust is 51-percent owned by integrated resort operator LET Group Holdings Ltd., formerly the Suncity Group.
Major Success, meanwhile, is the holding company of LET Group. INQ
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