Suntrust Resorts Holdings, a prominent player in the Philippines’ hospitality and gaming industry, has recently secured a significant financial boost. The company’s parent firm, Hong Kong-listed LET Group Holdings, has approved a substantial loan of $17 million to fund the construction and project costs of Suntrust’s flagship hotel-casino in Entertainment City, part of the expansive Westside City development in Manila.

Suntrust Resorts Holdings

Loan Approval and Financial Terms

According to Suntrust’s Disclosure on the PSE, the new loan was approved on 19 June 2024 by LET Holdings. The loan is structured to be “payable within ten (10) years of the execution date unless extended by the parties or shortened due to the happening of an event of default.” This financial arrangement underscores the commitment of LET Group Holdings to support Suntrust’s ambitious expansion plans and reinforces the parent company’s confidence in the project’s potential.

Suntrust’s New Hotel-Casino Project

Suntrust is set to open its new hotel-casino in early 2025, a venture that promises to redefine luxury and entertainment in Manila. The project will feature 475 luxury hotel rooms, catering to both leisure and business travelers with an array of high-end amenities. The casino component is designed to attract gaming enthusiasts with 281 gaming tables, 1,126 slot machines, and 134 electronic table games.

Luxury Amenities and Entertainment Facilities

The new hotel-casino will boast a plethora of facilities aimed at enhancing guest experience. These include:

• Pool Deck: A luxurious outdoor pool area providing a relaxing environment for guests.
• Spa and Wellness Centre: Offering a range of treatments and wellness programs.
• Ballroom and MICE Space: State-of-the-art facilities for meetings, incentives, conferences, and exhibitions.
• Theatres and Grand Opera House: Several theatres, including a grand opera house, for diverse entertainment options.
• Food Mall and Four Cinemas: A variety of dining options and cinemas to cater to different tastes and preferences.

Strategic Location in Entertainment City

Suntrust’s new project will become the fifth casino resort in Entertainment City, joining the ranks of other renowned establishments such as City of Dreams Manila, Newport World Resorts, Okada Manila, and Solaire. This strategic location is expected to attract a high volume of tourists and gaming enthusiasts, further boosting the area’s reputation as a premier entertainment destination in Asia.

Recent Developments in Entertainment City

The landscape of Entertainment City continues to evolve with significant developments. Notably, Solaire recently launched its new resort, Solaire North, in Quezon City. The inauguration ceremony was graced by President Ferdinand Marcos Jr. and First Lady Liza Araneta-Marcos, alongside Quezon City Mayor Joy Belmonte and PAGCOR Chairman Alejandro H. Tengco. Such high-profile events highlight the growing prominence of the gaming and hospitality industry in the Philippines.

Economic and Social Impact

The development of Suntrust’s new hotel-casino is expected to have a substantial economic impact. It will create numerous job opportunities during the construction phase and upon its opening. Additionally, the influx of tourists and gaming patrons will stimulate local businesses and contribute to the overall growth of the hospitality and entertainment sectors in Manila.

Boosting the Local Economy

By attracting international visitors, the new hotel-casino will generate significant revenue for the local economy. This, in turn, will support public services and infrastructure development, enhancing the quality of life for residents. The project aligns with the broader vision of Westside City as a hub of luxury and entertainment in the region.

Future Prospects and Expansion Plans

Suntrust’s ambitious project is part of a larger vision to expand its footprint in the Philippines’ thriving gaming and hospitality market. With the backing of LET Group Holdings, Suntrust is well-positioned to leverage its resources and expertise to deliver a world-class entertainment destination.

Innovation and Excellence in Hospitality

The new hotel-casino is designed to set new standards in luxury and entertainment, incorporating cutting-edge technology and innovative design elements. This approach reflects Suntrust’s commitment to excellence and its aim to offer unparalleled experiences to guests.

Conclusion: The Loan

The approval of a $17 million loan from LET Group Holdings marks a significant milestone for Suntrust Resorts Holdings. This financial support will facilitate the completion of their major hotel-casino project in Entertainment City, Manila, poised to become a cornerstone of the region’s entertainment and hospitality industry. As the project progresses towards its 2025 opening, it promises to deliver luxurious accommodations, world-class gaming facilities, and a wide range of amenities, contributing to the vibrant economic landscape of Manila.

FAQs on Suntrust Resorts Holdings’ Loan and New Hotel-Casino Project

1. What recent financial development has Suntrust Resorts Holdings secured?

Suntrust Resorts Holdings has secured a $17 million loan from its parent company, Hong Kong-listed LET Group Holdings, to fund the construction and project costs of its flagship hotel-casino in Entertainment City, Manila.

2. When was the loan approved?

The loan was approved on 19 June 2024 by LET Group Holdings.

3. What are the repayment terms for the loan?

The loan is payable within ten years of the execution date unless extended by the parties or shortened due to an event of default.

4. When is Suntrust’s new hotel-casino expected to open?

The new hotel-casino is expected to open in early 2025.

5. What facilities will the new hotel-casino feature?

The new hotel-casino will include 475 luxury hotel rooms, a casino with 281 gaming tables, 1,126 slot machines, and 134 electronic table games. Additional facilities include a pool deck, spa, wellness center, ballroom and MICE space, several theaters including a grand opera house, a food mall, and four cinemas.

6. How will the new project impact Entertainment City?

Suntrust’s new project will be the fifth casino resort in Entertainment City, joining City of Dreams Manila, Newport World Resorts, Okada Manila, and Solaire. This will further enhance Entertainment City’s reputation as a premier entertainment destination in Asia.

7. What recent developments have occurred in Entertainment City?

Solaire recently launched its new resort, Solaire North, in Quezon City. The inauguration was attended by President Ferdinand Marcos Jr. and First Lady Liza Araneta-Marcos, along with Quezon City Mayor Joy Belmonte and PAGCOR Chairman Alejandro H. Tengco.

8. What economic impact is expected from Suntrust’s new hotel-casino?

The project is expected to create numerous job opportunities during construction and after opening. It will also attract international tourists and gaming patrons, boosting local businesses and contributing to the overall growth of the hospitality and entertainment sectors in Manila.

9. How will Suntrust’s project benefit the local economy?

The influx of tourists and gaming patrons will generate significant revenue for the local economy, supporting public services and infrastructure development, and enhancing the quality of life for residents.

10. What is Suntrust’s long-term vision for its new project?

Suntrust aims to expand its footprint in the Philippines’ gaming and hospitality market by delivering a world-class entertainment destination that sets new standards in luxury and innovation.

11. How does Suntrust plan to differentiate its new hotel-casino?

Suntrust’s new hotel-casino will incorporate cutting-edge technology and innovative design elements, reflecting the company’s commitment to excellence and offering unparalleled guest experiences.

12. What support does Suntrust have for this project?

Suntrust has the backing of its parent company, LET Group Holdings, which provides financial support and confidence in the project’s potential to succeed.