Suntrust has announced the sale of its non-gaming assets to a local partner to focus on the development of a 5-star hotel and casino project in Manila’s Entertainment City.
The Philippines.- Suntrust Home Developers, a Suncity Group subsidiary in the Philippines, has agreed to sell its 24.27 per cent stake in the real estate management company First Oceanic Property Management for Php153.7m (US$3.2m).
Suncity, which acquired a majority 51 per cent stake in SunTrust in 2019, wants to develop an integrated resort with Westside City Resorts World at Manila’s Entertainment City.
The project, due to open in 2023, will feature 400 hotel rooms, a casino with approximately 400 gaming tables and 1,200 slot machines, for both mass and VIP markets.
In January 2021, Suntrust raised Php12.9bn (US$268.5m) through convertible bonds issued to Fortune Noble Limited and Summit Ascent.
Metro Manila under travel restrictions
Metro Manila, along with four other provinces in The Philippines, is under new restrictions until April 4 following a rise in Covid-19 cases.
The country saw an abrupt increase in daily average cases. Mass gatherings have been prohibited, and there is a ban on non-essential travel.
Foreign visitors cannot enter the Philippines until April 19 except for credited officials of foreign governments and Filipino workers returning from overseas.