$20 million deposit to be paid by the end of the month with the remaining balance due ten days after.
Philippines.- Suncity Group Holdings launched its expansion in the Philippines when it agreed to buy the entire issued share capital in Suntrust Home Developers in order to operate the main hotel and casino at Westside City Resorts World.
Today, the company has taken another step forward by confirming it will complete the full deposit payment of US$200 million for use of the Westside City Resorts World by 31 January.
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 will make a US$20 million deposit payment to Suntrust Home Developers by the end of the month. The remaining balance will be paid within ten days.
Last year, Suncity Group reached an agreement with Megaworld to purchase the entire issued share capital in Suntrust Home Developers. Under the terms of the agreement, Suncity’s wholly-owned subsidiary, Fortune Noble Ltd, would acquire 2.55 billion shares in Suntrust – equal to 51% of issued shares – with Megaworld acquiring 43.5%.
Suncity is looking to expand its business in 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.