Suntrust Home Developers Inc., a subsidiary of Hong Kong-listed Suncity Group Holdings Ltd., has secured a US$38 million loan for its integrated resort project in Manila, Philippines. The loan, known as a Limited Equity Transfer (LET) loan, was provided by FinTech company Spectre Capital, and is intended to fund the construction of a luxury casino hotel within the project.
The loan agreement was finalized last month and announced by Suntrust in a filing to the Hong Kong Stock Exchange. The LET loan allows Suntrust to leverage the value of its equity interest in the Manila project in order to secure additional financing for the development. This type of financing has become increasingly popular in the gaming industry, as it offers developers the flexibility to access funds without diluting their ownership stakes in the project.
The Manila project, known as Westside City Resorts World, is a massive integrated resort complex spanning over 20 hectares situated near Entertainment City, a popular gaming and entertainment district in the Philippine capital. The development is set to include a luxury casino, hotels, retail outlets, and other entertainment facilities.
The US$38 million LET loan will be used specifically for the construction of a world-class casino hotel within the complex. The hotel is expected to feature luxurious accommodations, VIP suites, fine dining restaurants, and state-of-the-art gaming facilities.
Suntrust has expressed confidence in the success of the Manila project, citing the growing demand for high-end gaming and entertainment offerings in the region. With the LET loan in place, the company can now accelerate the construction of the casino hotel and bring the development one step closer to completion.
In a statement, Suntrust CEO Angel Wong emphasized the importance of securing the LET loan for the Manila project, stating that it demonstrates the company’s commitment to delivering a world-class integrated resort experience to guests and visitors. Wong also expressed gratitude to Spectre Capital for their support and partnership in providing the necessary financing for the development.
Construction on the casino hotel is expected to commence in the coming months, with completion slated for 2023. Once finished, the hotel is projected to attract high-rollers and discerning travelers from around the world, further solidifying Manila’s reputation as a premier gaming and entertainment destination.
Overall, the LET loan secured by Suntrust for its Manila project represents a significant milestone in the development of Westside City Resorts World. With the financial backing in place, Suntrust is now well-positioned to deliver a world-class integrated resort experience that will undoubtedly elevate Manila’s status as a leading gaming and entertainment destination in the Asia-Pacific region.
