Suntrust Resort Holdings Inc., co-developer of the Westside City Resorts World project at the Entertainment City, has obtained a 10-year USD38 million loan from China’s LET Group Holdings Ltd.
“The above transaction is not expected to have any adverse effect on the business, operations, and financial condition of the company. The proceeds thereof are intended to fund project costs and the construction of the main hotel casino,” the company said in a regulatory filing.
Suntrust has a co-development agreement where it would finance the development and construction cost of the Main Hotel Casino at the Manila Bayshore Integrated City in Paranaque. for. Suntrust is the exclusive operator and manager of the operations of Main Hotel Casino.
In June 2020, the Securities and Exchange Commission approved amendments to Suntrust’s primary and secondary licenses from that of a real estate company to a tourism-oriented company authorized to engage in tourism-related businesses. The company adopted its present name that the SEC approved in June 2022.
