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Suntrust Extends Deadline for Summit Ascent’s Php13.5 Billion Investment

May 6, 2024 Philippines Casino & HotelIndustry Updates

Manila-based Suntrust Resort Holdings and Hong Kong-based Summit Ascent Holdings Inc. announced on Friday that their agreement has been significantly extended.

An additional year has been added to the deadline for selling Summit Ascent a Php13.5 billion (US$236 million) convertible bond: April 30, 2025.

According to a recent filing, the extension upholds the conditions of the original subscription agreement, which was signed in July 2023.

Renowned for owning the Tigre de Cristal casino resort in Russia, Summit Ascent intends to subscribe for the convertible bonds.

The subscription fee will cover the remaining amounts from previous transactions.

Important to Suntrust’s US$1.1 billion Manila casino project, this agreement aims to make up for interest payments on convertible notes that were postponed until 2020 and 2022.

The parent company of Summit Ascent and Suntrust, LET Group Holdings, is present, which highlights the transaction’s strategic importance.

As a component of the Westside City project, Suntrust’s Manila casino facility offers opulent gambling, first-rate hotel accommodations, entertainment venues, and dining options.

The project’s opening has been rescheduled till early 2025 from its initial late 2024 date.

The extension of the deadline is indicative of ongoing attempts to secure funding and ensure the smooth completion of this massive project, which marks a turning point for Manila’s integrated resort industry.

Original Story by: Inside Asian Gaming

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