buy the entire issued share capital in Suntrust Home Developers<\/a><\/em><\/strong> in order to operate the main hotel and casino at Westside City Resorts World. <\/p>\n\n\n\nToday, 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.<\/p>\n\n\n\n
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. <\/p>\n\n\n\n
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. <\/p>\n\n\n\n
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\u2019s wholly-owned subsidiary, Fortune Noble Ltd, would acquire 2.55 billion shares in Suntrust \u2013 equal to 51% of issued shares \u2013 with Megaworld acquiring 43.5%.<\/p>\n\n\n\n
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.
<\/p>\n","protected":false},"excerpt":{"rendered":"
$20 million deposit to be paid by the end of the month with the remaining balance due ten days after.<\/p>\n","protected":false},"author":2,"featured_media":2599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suncity Group Holdings is advancing its integrated resort development in the Philippines, confirming a US$200 million deposit for the Westside City Resorts World project. This follows its acquisition of Suntrust Home Developers, with a further US$20 million deposit due to Suntrust, underscoring Suncity's strategic expansion into the Philippine gaming and tourism market. The project, slated for completion by March, will feature extensive gaming and hospitality facilities.","focusai_entities":"Suncity Group Holdings, Suntrust Home Developers, Megaworld, Fortune Noble Ltd","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), marketing_crm (0.7), payments_fraud_aml (0.7), investor_analyst (0.9), supplier_vendor (0.8)","focusai_suggestions":[{"label":"Suncity's Capital Structure","query":"How will Suncity Group Holdings finance the remaining balance of the US$200 million deposit and the overall project CAPEX, and what is the projected ROI for this integrated resort?"},{"label":"Regulatory Impact Philippines","query":"What specific B2C licensing and regulatory compliance milestones must Suncity Group Holdings achieve with PAGCOR prior to the operational launch of Westside City Resorts World?"}],"footnotes":""},"categories":[160,28,158,16333],"tags":[29,128,1427],"class_list":["post-2556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-casino-news","category-slider-home","category-south-east-asia-news","tag-casino","tag-philippines","tag-suncity"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2556","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=2556"}],"version-history":[{"count":7,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2556\/revisions"}],"predecessor-version":[{"id":777008576,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/2556\/revisions\/777008576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/2599"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=2556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=2556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=2556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}