The new Suncity WC Hotel will be in charge of tourism operations as well as running the hotel and casino at the Manila resort.
The Philippines.- Suntrust Home Developers, a subsidiary of Hong Kong-based Suncity Group, has established a new entity in the Philippines to oversee its forthcoming Manila hotel and casino resort.
The company has received the green light from the Securities and Exchange Commission (SEC) to incorporate Suncity WC Hotel Inc as a new wholly owned subsidiary with its own juridical personality.
Suncity WC Hotel will run the new Manila resort as well as other tourism operations.
Suntrust said in a filing that the new subsidiary’s role would be: “establishing, constructing, operating, managing, and/or maintaining hotels, health and wellness shops, cinema, car parks, entertainment centres, amusement centres and other tourism-related facilities” within the Manila project.
Suncity WC Hotel will also own, hold, lease, or sublease any real and personal property deemed necessary or convenient for the conduct of the businesses.
Suntrust acquired all 10,138,200 shares in the company at a price of Php10.1m (US$211,000)
The company has reached an agreement with the group Megawide for the construction of its Philippines casino, which is expected to open in 2022.
Suntrust also raised Php12.9bn (US$268.5m) through convertible bonds for the development of the 5-star hotel and casino project at Manila Bayshore Integrated City in Paranaque City.