MANILA, Philippines — Suntrust Resort Holdings Inc. has secured a $38-million loan to fund the development of its casino project in Parañaque City.
In a stock exchange filing, Suntrust said LET Group Holdings Ltd. has agreed to extend the loan to the company.
The loan is payable within 10 years from execution date unless extended by the parties or shortened due to the happening of an event of default.
Proceeds are intended to fund project costs and the construction of the Main Hotel Casino.
Suntrust is the Philippine unit of Hong Kong’s LET Group.
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.
At opening, Suntrust said the casino establishment will have 281 gaming tables, 1,126 slot machines and 134 electronic table games for both the mass and VIP markets.
As of end 2023, structural works and the construction of the tower facade up to roof-level had been completed.
Suntrust said the major mechanical, electrical and plumbing equipment have likewise been delivered to the construction site and are undergoing installation.
Architectural and fit-out works and external civil works are in progress, according to the company.
Suntrust management aims to commence the operations of the Main Hotel Casino in the first quarter of 2025.