Suntrust Resort Holdings Inc. said Friday its board has approved a plan to borrow from China Banking Corp. a total P25 billion.
“The loan facility will redound to the benefit of the company as the proceeds are intended to fund project costs and the construction of the Main Casino Project,” Suntrust said.
Suntrust in October 2019 entered into an agreement with Westside City Resorts World Inc. for the co-development of a 400-room, 5-star hotel and casino on lots located at Manila Bayshore Integrated City in Paranaque. The hotel-casino is expected to start operation this year but its construction was delayed by the pandemic.
Under the agreement, Suntrust will finance the project while Westside will manage and operate the hotel-casino facility.
