In a recent development, Suntrust Resorts Holdings, the Philippines’ integrated resort investor, has announced significant progress towards completing its ambitious hotel and casino development in Manila’s Entertainment City. The company’s Board of Directors has greenlit the acceptance of a new $38 million loan from its parent company, LET Group Holdings. This injection of capital is aimed at bolstering the ongoing construction of the $1.1 billion hotel and casino complex, which is part of the expansive Westside City development.
Project Overview
Suntrust’s integrated resort project is poised to enhance Manila’s Entertainment City landscape with a host of amenities. Upon completion, the resort will boast 475 luxurious hotel rooms, complemented by a sprawling casino featuring 281 gaming tables, 1,126 slot machines, and 134 electronic table games. The development is designed to offer a comprehensive experience, including a pool deck, spa, wellness center, ballroom, and extensive MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities. The resort will also house multiple theaters, a grand opera house, a food mall, and four cinemas.
Loan Details
The newly secured $38 million loan is structured to be repaid within ten years from the execution date, with provisions for extension by mutual agreement or acceleration in case of default. This financial infusion underscores LET Group’s commitment to supporting Suntrust’s strategic objectives and realizing the potential of the Westside City development.
Timeline and Delays
Originally slated for a grand opening in 2024, Suntrust Resorts has recently adjusted its timeline, announcing a delay until early 2025. This revised schedule reflects the complexities of large-scale construction projects and ensures that the resort is poised for a successful debut in Manila’s competitive entertainment landscape.
Market Position
Once operational, Suntrust’s integrated resort will join the esteemed ranks of Entertainment City’s premier destinations, including City of Dreams Manila, Newport World Resorts, Okada Manila, and Solaire. This expansion signals continued growth and competition within Manila’s gaming and hospitality sector.
Strategic Financing
The provision of the $38 million loan aligns with LET Group’s broader investment strategy in the region. Notably, LET Group recently celebrated the full repayment of a prior $31.2 million loan related to its investment in the Hoiana integrated resort in Vietnam. With a controlling stake of 51% in Suntrust, LET Group remains committed to fostering sustainable growth and value creation across its diverse portfolio of ventures.
Suntrust Resorts Holdings’ receipt of a $38 million loan from LET Group Holdings signifies a pivotal step towards realizing its transformative hotel and casino project in Manila. With a strategic focus on luxury, entertainment, and hospitality, this development is poised to elevate the Entertainment City landscape and further solidify Manila’s reputation as a global destination for integrated resort experiences.