Hong Kong-based Summit Ascent Holdings has entered into an agreement to loan HK$930 million (US$120 million) to Philippines-listed SunTrust Home Developers to fund the construction of SunTrust’s hotel and casino development in Manila’s Entertainment City.
According to a report in Inside Asian Gaming, the loan, to be issued by Summit Ascent subsidiary SA Investments, will be issued due to delays in Summit Ascent’s own development works in Vladivostok, Russia, where it is has started construction of Tigre de Cristal Phase 2.
Both companies are majority-owned by Hong Kong’s Suncity Group, which owns a 67 percent stake in Summit Ascent and 51 percent of SunTrust.
In a filing, Summit Ascent said Covid-19 continues to impact the progress of the pre-construction phase of Tigre de Cristal Phase 2.
The 44,000-square-meter Manila hotel and casino development, scheduled for completion in late 2022, will include 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces.
