Hong Kong's LET Group securing $446 mln loan for Philippine casino

LET group

09/06/2023 02:02

MANILA, June 9 (Reuters) - The Philippine unit of Hong
Kong's LET Group Holdings  1383.HK , formerly junket operator
Suncity, is securing a bank loan of up to 25 billion pesos ($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 centre. 
       
($1 = 56 Philippine pesos)

 (Reporting by Neil Jerome Morales; Editing by Martin Petty)
 ((manila.newsroom@thomsonreuters.com))