Manila, Philippines - Suntrust Resort Holdings Inc., the developer behind the upcoming hotel casino at Westside City in Manila, has announced the approval of a $17 million loan from LET Group Holdings Ltd. This decision, made during a board meeting on Wednesday, aims to fund project costs and the construction of the main hotel casino.

The loan, set to be repaid within 10 years, marks another significant investment by LET Group, which indirectly controls Suntrust. This financing comes as the company prepares to launch operations at the hotel casino in the first quarter of 2025. Suntrust assured stakeholders that the loan would positively impact the company's business, operations, and financial condition.

This recent loan follows a $38 million loan agreement with LET Group in April, highlighting the company's accelerated efforts to complete the construction. Last year, Suntrust also secured a substantial loan facility of up to PHP25.00 billion ($425.3 million) from China Banking Corp, mortgaging all or most of its assets and properties.

The new gaming property will operate under the casino license of Travellers International Hotel Group Inc., the operator of Newport World Resorts casino complex in Manila. Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), expressed confidence in the project's completion. He mentioned having received assurances from Travellers' top management about the project's timely completion and successful opening.

With these financial moves and strong backing, Suntrust is on track to meet its target opening date, contributing to Manila's vibrant casino and hospitality landscape.