MANILA— The Philippine unit of Hong Kong’s LET Group Holdings 1383.HK, formerly junket operator Suncity, is securing a bank loan of up to P25 billion ($446 million) to fund a megacasino in the capital Manila, the firm told the stock exchange on Friday.
The unit, Suntrust Resort Holdings SUN.PS, has signed a loan facility agreement with China Banking Corp CHIB.PS that will allow LET Group to complete and start operations of a $2 billion integrated casino-resort next year, a source with direct knowledge of the transaction told Reuters.
The Philippines boasts of one of the most freewheeling casino industries in Asia, where many countries outlaw gambling.
LET Group’s casino project, in partnership with domestic conglomerate Alliance Global Group Inc AGI.PS, will be one of five major casinos in Manila and the fourth billion-dollar complex to operate in Entertainment City, a Las Vegas-style gambling center.
($1 = 56 Philippine pesos)
—Reporting by Neil Jerome Morales; Editing by Martin Petty