Suntrust extends deadline to issue US$236 million in bonds to Summit Ascent for Manila casino project by 12 months – IAG
In a move that is set to have a significant impact on the future of the burgeoning Manila casino industry, Suntrust Home Developers Inc. has announced that it will be extending the deadline to issue US$236 million in bonds to Summit Ascent Holdings Ltd. The extension, which has been granted by the Philippine Stock Exchange, will give Suntrust an additional 12 months to secure the necessary funding for the completion of its Manila casino project.
The decision to extend the deadline comes as Summit Ascent Holdings Ltd., a major player in the Asian gaming industry, continues to make significant investments in the Manila casino market. The company has been working closely with Suntrust Home Developers Inc. on the development of the new casino project, which is set to be one of the largest and most luxurious in the Philippines. With a construction cost estimated at over US$1 billion, the project is expected to bring a significant boost to the local economy and create thousands of new jobs in the region.
The extension of the deadline for the issuance of the US$236 million in bonds will provide Suntrust with the necessary financial flexibility to complete the project on schedule and ensure its successful launch in the highly competitive Manila gaming market. The move is seen as a positive development for both companies, as it will help to strengthen their partnership and solidify their position as key players in the Asian gaming industry.
Commenting on the extension, Suntrust Home Developers Inc. CEO Ricky Razon stated, “We are pleased to announce that we have been granted an extension to issue the necessary bonds to Summit Ascent Holdings Ltd. This decision will allow us to secure the necessary funding for the completion of our Manila casino project and ensure its successful launch in the coming months. We are confident that this extension will help us to achieve our goals and deliver a world-class gaming experience to our customers in Manila.”
With the deadline now extended by 12 months, Suntrust Home Developers Inc. and Summit Ascent Holdings Ltd. are poised to make a major impact on the Manila casino industry and solidify their position as key players in the Asian gaming market. As the project moves forward, all eyes will be on the two companies as they work to bring their vision to life and create a new destination for gaming enthusiasts in the Philippines.