Fortune Noble Ltd will lend a total Php7.3 billion loan for the development of the Westside City Resorts World in the Manila
Fortune Noble Ltd will lend a total Php7.3 billion (US$148 million) loan – paid by way of three separate deposits by SunTrust.
The largest junket operator in Asia, Suncity Group Holdings Limited – with its presence in all major Integrated Resorts and Casinos all over the Asia Pacific – has obtained shareholders’ approval to invest in the Philippine gaming market.
The operator had made an initial payment of US$200 million for the its integrated resort development of Westside City Resorts World Inc.
SunTrust Home Developers Inc has signed a loan agreement with Fortune Noble Ltd – wholly-owned by Suncity, holding a 51% stake in SunTrust, with real estate firm Megaworld Corporation holding 43.5% and the remaining 5.5% with Aurora Securities.
According to a Friday filing with the Philippine Stock Exchange, Fortune Noble Ltd will charge SunTrust an interest rate of 5.25% per annum for the loan.
Suncity’s hotel and casino investment is set to cost US$700 million, covering approximately 44,000 square meters, with a floor area of 182,000 square meters.
The casino will have VIP and mass gaming space with 400 gaming tables and 1,200 slot and ETG machines. It also includes a 5-star hotel, grand theatre, and shopping malls. The property is set to open in the last quarter of 2022.
The Westside City is located in the very center of Manila Casino in the Philippines, and the main entertainment revenue in the Philippines has always come from casinos. Sun City Group is working hard to build and develop a truly comprehensive entertainment resort for customers. Manila’s Entertainment City is also home to Solaire Resort & Casino, City of Dreams Manila and Okada Manila, three of the largest Integrated Resorts in the Philippines.
