Suntrust Home Developers (SUN), the former BW Resources, is now a casino start-up. SUN entered into a Co-Development Agreement (CDA) for the construction and operation of a 5-star hotel and casino in Parañaque City. Under the CDA, SUN would lease the project site from Westside and Travellers International Hotel Group, Inc. (Travellers) and Westside would hand over the operation and management of the hotel and casino.
In 2020, SUN raised a total capital of 15.4 Billion Pesos. It raised 7.4 Billion from issuance of convertible bonds; 5.4 Billion from shareholder loan; and 2.6 Billion from subscription of capital stock.
From the capital it raised, SUN spent 9.9 Billion Pesos for reimbursement of the initial costs of the project. After that capital spending, it has still 5.9 Billion of cash in its balance sheet.
The pandemic has a minimal effect on SUN’s business operations as its hotel and casino are still in the preliminary construction activities. It experienced no delays in its preliminary construction activities nor difficulties in financing. SUN is still on track with its initial target date of completion of construction by 2023.
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