The new agreement would see interests linked to Hong Kong-listed Suncity Group invest in a long-awaited Manila, Philippines IR project.
The Philippines.- Suncity Group is ready to extend its global casino interests to the Philippines; via a multi-layered agreement that would include operating the main hotel and casino at Westside City Resorts World. It will be the fourth integrated resort in Manila.
Westside City Resorts World is being developed on 31-hectares; by Philippines construction giant Megaworld Corporation and Resorts World Manila operator Travellers International Hotel Group.
According to a Tuesday morning filing in Hong Kong, Suncity Group has reached an agreement with Megaworld to purchase the entire issued share capital in Suntrust Home Developers. Furthermore, and under the terms of the agreement, Suncity’s wholly-owned subsidiary Fortune Noble Ltd will acquire 2.55 billion shares in SunTrust – equal to 51% of issued shares – with Megaworld to acquire 43.5%.
Moreover, Suntrust’s press release added that the company was increasing its authorised capital stock from €52,8 million to €405 million.
The high-end project 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.
Entering the Philippines Market
While outlining the reasons for entering the Philippines IR market, Suncity added, “The Group is expanding and seeking opportunities to expand its tourism-related business; particularly, its hotel and integrated resort general consultancy services and casino management”.
“SunTrust will be the sole and exclusive operator of the Main Hotel Casino; which will be a 5-star IR at the Entertainment City, Manila, and is aiming to start operations before 2023. Entertainment City is the casino hub in Manila.
“The investment in SunTrust, marked the first step towards establishing the Group’s footprint in the casino and entertainment market of the Philippines; allowing the Group’s to tap into this growing market as well as providing synergies to the overall tourism-related business of the Group in the Southeast Asia region.”
Finally, it is worth highlighting that this deal is subject to the approval of the Philippine Securities and Exchange Commission.