#Suntrust

Okada goes to High Court, Suncity to become LET, as Monaco learns Casino Secret.

Barry Jonas is the Managing Director of Truist Securities. He talks to SBC Americas about the ever-changing dynamics of the US gambling space.

Suntrust Home Developers Inc, 51% owned by Suncity, says development of its US$1 billion Manila hotel and casino project will continue as planned despite the arrest of Suntrust Chairman Alvin Chau this week. SunTrust has cash and cash equivalents of around Php7.7 billion (US$152.8 million) to support immediate construction and working capital requirements. Chau was arrested by Macau authorities on Saturday and sent to Coloane Prison to await trial on Monday for alleged criminal association, illegal gambling and money laundering.

Suncity Group's Philippines subsidiary, Suntrust Home Developers Inc, has announced revisions to agreements with Megawide Construction Corporation. The revised agreement will extend the completion date for Package 2 until March 31, 2024. The agreement also includes a payment of Php700 million for additional architectural, structural and civil works for the Package 1.

Hong Kong's Summit Ascent Holdings extends the maturity date of a US$122.5 million loan to SunTrust Home Developers Inc until 18 July 2022. It also subscribed to another US $127. 5 million in convertible bonds. The company is helping Suntrust to continue development work on its hotel-casino project in Manila. The situation in the Philippines has been badly affected by COVID-19 lockdowns. A default of the loan would hinder the development of Sunrust's project. Summit owns and operates a Russian casino-resort Tigre de Cristal in Vladivostok.

Suntrust Home Developers Inc. changed its name to Suntrust Resort Holdings Inc on Monday. The company is planning to build a casino hotel at the Westside City scheme in Manila. It is backed by Suncity Group Holdings Ltd, led by Macau junket entrepreneur Alvin Chau Cheok Wa.