The group’s Philippines subsidiary has made the deposit as part of the payment schedule for the project in Manila’s Entertainment City.
Philippines.- Suncity Group’s subsidiary in the Philippines, SunTrust, has entered a new agreement with Westside City Resorts World regarding the co-development of their Manila integrated resort (IR) project.
Suncity has provided a US$46 million refundable deposit as part of the payment schedule for the project in Manila’s Entertainment City.
The payment comes on top of the US$20 million already paid by Suncity in January.
The two companies have agreed to extend the fundraising period for the initiative from July 31 to September 30, the group told the Hong Kong Stock Exchange.
Suncity owns 51 per cent of SunTrust and has shown interest in raising its stake to over 74 per cent.
The project, in co-development with Westside, will include 400 gaming tables, 1,200 slot machines across VIP and mass gaming, and 400 five-star hotel rooms.
It’s is not the only IR development Suncity has lined up. Chairman Alvin Chau Cheok Wa recently said its Hoiana IR would be fully functional by 2021, with a preview being offered in the second half of the current year.