Suntrust taps P25 billion loan for Westside casino development

MANILA, Philippines — Suntrust Resort Holdings Inc., co-developer of the fourth casino at the Entertainment City in Parañaque, is tapping a P25-billion loan from China Banking Corp. to fund a casino development  project, which is targeted to open in 2024.

In a disclosure, Suntrust, the Philippine unit of Hong Kong’s LET Group, said its board of directors approved the company’s plan to enter into a loan facility with Chinabank for the contruction and development of Westside casino.

The agreement with Chinabank will consist of an omnibus loan and security agreement with the bank and other relevant parties consisting of a loan facility agreement, a mortgage agreement, a security agreement, a suretyship agreement, and a project accounts agreement, among others.

The company’s chairman, Lo Kai Bong, and president, Chua Ming Huat, are the company’s authorized signatories for the transaction.

In 2019, Suntrust entered into a co-development agreement with Westside City Resorts World Inc. to finance the development and construction of the casino located at Manila Bayshore Integrated City in Parañaque.

Westside is a subsidiary of Travellers International, which is a partnership between Andrew Tan’s Alliance Global Group and Genting Group of Hong Kong,  a casino and cruise ship operator.

Alliance Global, however, agreed to buy the 40 percent stake of Genting in Travellers.

The Westside City project consists of portions of three parcels of land located at Manila Bayshore Integrated City.

In 2020, the LET Group signed a co-development agreement between Suntrust and Westside City Resorts World Inc. and Travellers International.

Under the agreement, Westside City and Travellers will lease the project site to Suntrust for development of the main hotel casino.