LISTED Suntrust Resort Holdings Inc. on Thursday said that it had secured a $17-million loan from its parent firm, Hong Kong-based LET Group Holdings Ltd., for the construction of its main hotel casino at Westside City in Parañaque.

The loan, which is set to be repaid over ten years, is meant to improve operational capacity and is expected to bring substantial benefits to the company.

Suntrust claimed that it was continuing to advance its position in the hospitality and gaming sectors, leveraging strategic partnerships and financial agreements to support its growth.

Last April, Suntrust also executed a $32 million loan agreement with the LET Group to fund the development of Westside City.

In a filing with the Philippine Stock Exchange, Suntrust said the agreement included the appointment of Suncity Group Holdings Ltd. chief executive Lo Kai Bong or his authorized representative as the company's signatory for the transaction.

Westside City is set to open in the first quarter of 2025.

It will feature 475 rooms and suites, a casino, spa, wellness center, mall, theaters, grand opera house, mall, and cinemas.

Suntrust shares last traded on June 19 at P0.99 each.

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