The group\u2019s Philippines subsidiary has made the deposit as part of the payment schedule for the project in Manila\u2019s Entertainment City.<\/p>\n\n\n\n\n\n\n\n
Philippines.- Suncity Group’s subsidiary in the Philippines, SunTrust, has entered a new agreement with Westside City Resorts World regarding the co-development of their Manila integrated resort (IR) project.<\/p>\n\n\n\n
Suncity has provided a US$46 million refundable deposit as part of the payment schedule for the project in Manila\u2019s Entertainment City.<\/p>\n\n\n\n
The payment comes on top of the US$20 million already paid by Suncity in January.<\/p>\n\n\n\n
The two companies have agreed to extend the fundraising period for the initiative from July 31 to September 30, the group told the Hong Kong Stock Exchange.<\/p>\n\n\n\n
Suncity owns 51 per cent of SunTrust and has shown interest in raising its stake to over 74 per cent.<\/p>\n\n\n\n
The project, in co-development with Westside, will include 400 gaming tables, 1,200 slot machines across VIP and mass gaming, and 400 five-star hotel rooms.<\/p>\n\n\n\n
It’s is not the only IR development Suncity has lined up. Chairman Alvin Chau Cheok Wa recently said its Hoiana IR would be fully functional by 2021, with a preview being offered in the second half of the current year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The group\u2019s Philippines subsidiary has made the deposit as part of the payment schedule for the project in Manila\u2019s Entertainment City.<\/p>\n","protected":false},"author":2,"featured_media":7332,"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's Philippine subsidiary, SunTrust, has made a US$46 million deposit towards its Manila integrated resort co-development with Westside City Resorts World, bringing total deposits to US$66 million. The fundraising period for this significant gaming and hospitality project has been extended, with Suncity also signaling an intent to increase its controlling stake in SunTrust. This development underscores Suncity's strategic expansion in the Asian IR market, including its Hoiana IR project.","focusai_entities":"Suncity Group, SunTrust, Westside City Resorts World, Alvin Chau Cheok Wa, Hong Kong Stock Exchange","focusai_location":"Philippines, Manila, Hoiana","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.7), 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":"Capital Structure Impact","query":"How will the extended fundraising period and Suncity's potential increased stake in SunTrust impact the project's overall capital structure and long-term debt-to-equity ratios?"},{"label":"Regulatory Approvals Timeline","query":"What specific regulatory approvals from PAGCOR are still pending for the Manila IR project, and what is the projected timeline for their acquisition, considering the extended fundraising period?"}],"footnotes":""},"categories":[157,158,16333],"tags":[473,1428,1427],"class_list":["post-7331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-slider-home","category-south-east-asia-news","tag-ir","tag-manila","tag-suncity"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7331","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=7331"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7331\/revisions"}],"predecessor-version":[{"id":7346,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7331\/revisions\/7346"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/7332"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=7331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=7331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=7331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}