{"id":16267,"date":"2021-03-26T16:49:50","date_gmt":"2021-03-26T16:49:50","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=16267"},"modified":"2026-04-23T20:48:53","modified_gmt":"2026-04-23T23:48:53","slug":"suntrust-sells-non-gaming-assets-to-focus-on-manila-casino","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suntrust-sells-non-gaming-assets-to-focus-on-manila-casino","title":{"rendered":"Suntrust sells non-gaming assets to focus on Manila casino"},"content":{"rendered":"\n

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\u2019s Entertainment City.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- Suntrust Home Developers<\/strong>, a Suncity Group subsidiary in the Philippines, has agreed to sell its 24.27 per cent stake <\/strong>in the real estate management company First Oceanic Property Management<\/strong> for Php153.7m (US$3.2m)<\/strong>.<\/p>\n\n\n\n

Suncity, which acquired a majority 51 per cent stake in SunTrust in 2019<\/strong>, wants to develop an integrated resort with Westside City Resorts World at Manila\u2019s Entertainment City.<\/p>\n\n\n\n

The project, due to open in 2023<\/strong>, will feature 400 hotel rooms, a casino with approximately 400 gaming tables and 1,200 slot machines, for both mass and VIP markets.<\/p>\n\n\n\n

In January 2021, Suntrust raised Php12.9bn (US$268.5m) through convertible bonds<\/a><\/em> issued to Fortune Noble Limited and Summit Ascent.<\/p>\n\n\n\n

Metro Manila under travel restrictions<\/h2>\n\n\n\n

Metro Manila, along with four other provinces in The Philippines, is under new restrictions until April 4 following a rise in Covid-19 cases<\/a><\/em>. <\/p>\n\n\n\n

The country saw an abrupt increase in daily average cases<\/strong>. Mass gatherings have been prohibited, and there is\u00a0a ban on non-essential travel<\/strong>.<\/p>\n\n\n\n

Foreign visitors cannot enter the Philippines until April 19<\/strong> except for credited officials of foreign governments and Filipino workers returning from overseas.<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s Entertainment City.<\/p>\n","protected":false},"author":176,"featured_media":16268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suntrust Home Developers, a Suncity Group subsidiary, is divesting non-gaming assets to strategically concentrate on its integrated resort development within Manila's Entertainment City. This move, supported by recent convertible bond financing, underscores a focused capital allocation towards the 2023 launch of a significant gaming and hospitality complex, despite current regional travel restrictions impacting market access.","focusai_entities":"Suntrust Home Developers, Suncity Group, First Oceanic Property Management, Westside City Resorts World, Fortune Noble Limited, Summit Ascent","focusai_location":"Manila, The Philippines, Metro Manila","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), compliance_legal (0.8), operator_casino (1.0), marketing_crm (0.7), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Project Funding Strategy","query":"How does the recent Php12.9bn convertible bond issuance align with Suntrust's long-term capital structure and the projected ROI for the Westside City Resorts World integrated resort?"},{"label":"Market Entry Impact","query":"What is the projected competitive impact of Suntrust's 2023 integrated resort launch on existing operators within Manila's Entertainment City, particularly concerning VIP and mass market share?"}],"footnotes":""},"categories":[163,158,16333],"tags":[23907,1427,22948],"class_list":["post-16267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-slider-home","category-south-east-asia-news","tag-land-based-casino","tag-suncity","tag-suntrust"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=16267"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16267\/revisions"}],"predecessor-version":[{"id":16295,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16267\/revisions\/16295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16268"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}