Philippines-based Suntrust Resort Holdings Inc. has started hiring people for its upcoming gaming hotel project in Manila, the country’s capital, according to a recent interim report from Hong Kong-listed Summit Ascent Holdings Ltd.
Suntrust Resort Holdings Inc. is indirectly run by LET Group Holdings Ltd., a company that invests in casinos and also runs Summit Ascent. Summit Ascent said in another report that its owners have agreed to buy convertible bonds from Suntrust worth up to PHP13.51 billion (US$240 million) as part of the new deal of financial help. This move was made after Summit Ascent said in June that investors connected to Suntrust would need to put an extra PHP19.37 billion into the project as cash stock in order to get a new loan facility.
Summit Ascent’s preliminary report says that by the end of June, Suntrust had already put US$461.1 million into the Manila project. This is about 42% of the expected total cost of building and development. In the story, it was also said that the project had hit the “topping-off” stage and that work on the facade was still going on. The podium is now ready for work to be done on the inside over the next few months.
Suntrust has said before that it plans to start doing business at the Manila location in the fourth quarter of 2024.
Summit Ascent also said that the war between Russia and Ukraine had an effect on its Tigre de Cristal gambling resort in Primorye, Russia, which is near Vladivostok. Due to global issues, which were made worse by Western sanctions and airport restrictions, the company said that the number of tourists coming to the Russian Federation dropped in a way that had never happened before. Summit Ascent has put the growth plan for Tigre de Cristal Phase II on hold because it could hurt the interests of shareholders.
Summit Ascent’s finances for the first half of the year showed a loss of HKD16.1 million (US$2.1 million). This is a big change from the same time last year, when they made HKD85.2 million.
Original story by: GGRAsia
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