LET Group loans $38 million to Suntrust Resort


Suntrust Resort Holdings Inc, the Philippines-listed developer of an under-construction hotel casino at Westside City in the Philippine capital Manila, announced in its Friday board meeting that it had agreed to a US$38-million loan from LET Group Holdings Ltd.

Suntrust stated in a Monday filing that the proceeds from the loan will be used to fund project costs and the construction of the main hotel casino. The loan must be repaid within 10 years of the execution date.

LET Group indirectly controls Suntrust, which is scheduled to commence operations at its casino hotel in the first quarter of 2025, as per a recent announcement.

The company assured that the loan agreement “is not expected to have any adverse effect on the business, operations, and financial condition of the company as it is expected to redound to the benefit of the company”. Another firm controlled by LET Group, Hong Kong-listed Summit Ascent Holdings Ltd, operates the Tigre de Cristal casino resort in Primorye, near the Russian Pacific port of Vladivostok.

Westside City will be the next new integrated resort to open in Entertainment City and it remains to see if they will also offer online gaming with their land based casino.

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