Suntrust Resort Holdings Inc, the Philippines-listed developer of an under-construction hotel casino (pictured in an artist’s rendering) at Westside City in the Philippine capital Manila, says its Friday board meeting agreed to a US$38-million loan from LET Group Holdings Ltd.

The proceeds are “to fund project costs and the construction of the main hotel casino,” said Suntrust in a Monday filing. The loan is payable within 10 years of the execution date.

Hong Kong-listed LET Group indirectly controls Suntrust, which is due to start operations at its casino hotel in the first quarter of 2025, according to a recent announcement.

Suntrust stated the loan agreement “is not expected to have any adverse effect on the business, operations, and financial condition of the company as it is expected to redound to the benefit of the company”.

Another firm controlled by LET Group, Hong Kong-listed Summit Ascent Holdings Ltd, runs the Tigre de Cristal casino resort in Primorye, near the Russian Pacific port of Vladivostok.