LET Group Holdings Ltd, a Hong Kong-listed casino investor - formerly known as Suncity Group Holdings Ltd - has a deal on a HK$400 million ($51.1 million) loan facility from four sources described as independent third parties.

The company made the announcement in a filing with the Hong Kong Stock Exchange on Monday.

Under the loan agreement, LET Group pledged to the lender an amount equal to approximately 69.67% of the total outstanding shares of its subsidiary Summit Ascension Holdings Inc.

The lender, which is not named in the filing, consists of "two individuals" and two "corporations."

LET Group's main business interest is investing in casino resort development and operations through the Manila-listed Suntrust Resort Holdings Inc. in the Westside City project in Manila, the capital of the Philippines. The project is priced at approximately $1 billion and should begin operations in 2024.

LET Group is also interested in the hotel and gaming business at Tigre de Cristal in Russia's integrated entertainment zone near the Pacific port of Vladivostok, through the Hong Kong-listed Summit Ascent and its department.

LET Group said it defaulted on two group payments of convertible bonds with a principal of HK$333 million and a total value of HK$197 million at the end of August.

The notes and bonds were owned by Major Success Group Ltd., which has a 100% stake in Andrew Lo Kai Bong, who was recently appointed chairman of LET Group.

HK$380 million of the new loan funds will be used for "full and partial repayment of promissory notes, including interest accruals," the company said in a recent filing.