Suncity signs 20-year lease agreement for Manila casino
The lease agreement is valid until August 19, 2039 and is “automatically renewed” for another 25 years unless otherwise agreed by all parties
Philippines.- Suncity Group Holdings Ltd has announced that its SunTrust Home Developers Inc subsidiary has signed a 20 year lease agreement to develop and operator a hotel and casino in Manila.
The agreement has been signed with Travellers International Hotel Group Inc and Westside and will allow for the construction of a hotel and casino at Manila’s Westside City Resorts World.
Although the deal was announced in October 2019, it has only just been formalised. The agreement was signed by Suncity Group Holdings subsidiary Suntrust Home Developers Inc as the lessee, and Westside City Resorts World Inc and Travellers International Hotel Group Inc as the lessors.
The lease agreement is valid until August 19, 2039, and is “automatically renewed” for another 25 years unless otherwise agreed by all parties.
The company will pay an annual rent of US$10.6 million upon commencement of casino operations, payable in two instalments on a semi-annual basis, according to a document published by Suncity Group Holdings
Suncity Group Holdings has also agreed to pay an initial US$200 million to Westside City Resorts World Inc to develop and operate the casino scheme via Suntrust.
Suncity plans to complete the project that will include 400 gaming tables, 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces by March.
Suncity is looking to expand its business in the Philippines where the group is seeking opportunities to grow its tourism-related business and in particular its hotel and integrated resort consultancy services and casino management.
