HK’s Suncity Group gets Approval for Philippine Casino
Suncity Group Holdings Limited has obtained shareholders’ approval to invest in the Philippine gaming market
An initial payment of US$200 million will be used for the site of the group’s hotel and casino under a co-development and lease agreement with Westside City Resorts World Inc. and Travellers International Hotel Group Inc.
Suncity Group Holdings Limited is the largest junket operator in Asia, with a presence in all major Integrated Resorts and Casinos all over the Asia Pacific.
A deposit of US$20 million was announced last January and the remaining US$180 million shall be paid by the end of March through the group’s Philippine subsidiary, Suntrust Home Developers, Inc.
Suncity’s hotel and casino investment are 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.
One of the conditions required to complete the co-development and lease agreement with Westside City and Traveller’s International was the shareholder’s approval from the Suncity Group.
In a letter to the Philippine Stock Exchange, Suntrust stated, “The Co-Development Agreement provides, among others, for the execution of the Lease Agreement over the Project Site for the development of a 5-star hotel and casino establishment and the payment of the Project Site Payment for the use of the Project Site and reimbursement of the costs incurred on the Project Site and construction works done on the Project Site.”
The lease agreement will permit Suntrust the right to use the land where the casino and hotel will be developed. Suntrust Home Developers, Inc is 51% owned by Fortune Noble Ltd., a wholly-owned subsidiary by the Suncity Group.
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.
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