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Westside City Casino Hotel Project Funding Postponed Amidst Regulatory Hurdles

May 6, 2024 Philippines Casino & HotelIndustry Updates

The huge casino hotel project in Manila’s Westside City now has a one-year delay in its funding deadline, which is April 30, 2025.

The development’s Philippine-listed owner, Suntrust Resort Holdings, revealed the postponement in a recent filing.

The main hotel and casino of the Westside City Project, which is a part of Manila’s Entertainment City, are scheduled to open in the first quarter of 2025.

In its pledge to subscribe for convertible notes up to PHP13.51 billion ($235.2 million) by April 30 of this year, Summit Ascent Investments, a Hong Kong-based subsidiary of Summit Ascent Holdings Ltd., raised apparent regulatory issues.

Despite Suntrust’s attempts to secure approval from regulatory bodies including the Securities and Exchange Commission (SEC) in the Philippines, Summit Ascent revealed that a number of conditions for the deal are still unmet.

In July 2023, Summit Ascent Holdings expressed concern on Suntrust’s financial status, citing arrears on interest payments on previous convertible notes.

To expedite the project’s completion, Summit Ascent’s parent firm, LET Group Holdings, recently approved a $38 million loan to Suntrust.

The delay draws attention to the challenges associated with large-scale development in the Philippines and raises questions regarding the project’s timeline in light of undetermined regulations.

Original Story by: Asian Gaming Brief

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