Suncity got shareholders approval to develop Manila resort
Suncity Group is close to beginning work on the hotel and casino in Manila after receiving shareholder approval to pay US$200 million for the use of the site.
Philippines.- Suncity Group Holdings Limited has received shareholder approval to pay US$200 million for use of the site where it intends to develop the hotel and casino at Westside City Resorts World in Manila’s Entertainment City.
The Hong Kong-listed company announced in January that its Philippines subsidiary, Suntrust Home Developers, Inc, had paid an initial US$20 million deposit for the site with the remaining US$180 million to be paid by the end of March.
Suncity’s hotel and casino development is set to cost US$700 million and cover an area of around 44,000 square meters, with a building floor area of 182,000 square meters.
The project will include 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces, due to open in 4Q22. The Westside City Resorts World township will also offer additional facilities such as a Grand Theatre, shopping malls and 2,000 parking spaces.
In a note to the Philippine Stock Exchange, Suntrust said: “The approval of Suncity Group stockholders is one of the condition precedents for the transactions contemplated under the Co-Development Agreement and the Lease Agreement”.
“The Co-Development Agreement provides, among others, for the execution of the Lease Agreement over the Project Site for the development of a 5-star hotel and casino establishment and the payment of the Project Site Payment for the use of the Project Site and reimbursement of the costs incurred on the Project Site and construction works done on the Project Site.”
