{"id":8426,"date":"2020-07-25T15:49:33","date_gmt":"2020-07-25T15:49:33","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=8426"},"modified":"2026-04-24T03:21:39","modified_gmt":"2026-04-24T06:21:39","slug":"suntrust-to-pay-us66m-deposit-for-manila-ir","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suntrust-to-pay-us66m-deposit-for-manila-ir","title":{"rendered":"Suntrust to pay US$66m deposit for Manila IR"},"content":{"rendered":"\n<p>Suncity will increase its stake in the Philippines subsidiary from 51 to 74 per cent.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Philippines.- Suncity Group Holdings has made a US$66 million loan to its Philippines subsidiary, Suntrust Home Developers, in order to pay a third deposit on its Manila IR project.<\/p>\n\n\n\n<p>Suntrust is borrowing up to PHP7.3 billion (US$147.8 million) from Fortune Noble, wholly-owned by Suncity Group Holdings. The move will increase Suncity\u2019s stake in the Philippines company from 51 to 74.42 per cent via a subscription of convertible bonds.<\/p>\n\n\n\n<p>The integrated resort (IR) the company is planning with Westside City Resorts World will be located at Manila\u2019s Entertainment City. It 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<p>The new agreement gains Suntrust more time to raise necessary funds for the project, and extends the deadline from September 30 to December 31.<\/p>\n\n\n\n<p>It&#8217;s the <strong><em><a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/focusgn.com\/asia-pacific\/suncity-group-manila\" target=\"_blank\" rel=\"noreferrer noopener\">third deposit<\/a><\/em><\/strong> the company has made, after an initial US$20 million in January and US$46 million in June.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Suncity will increase its stake in the Philippines subsidiary from 51 to 74 per cent.<\/p>\n","protected":false},"author":2,"featured_media":8437,"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 increasing its ownership in its Philippines subsidiary, Suntrust Home Developers, from 51% to 74.42% via a US$66 million convertible bond subscription. This capital injection facilitates a third deposit for the Manila Integrated Resort project, extending the funding deadline to December 31. The move solidifies Suncity's control over the significant Entertainment City development.","focusai_entities":"Suncity Group Holdings, Suntrust Home Developers, Fortune Noble, Westside City Resorts World","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.8), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Suncity Funding Strategy","query":"What are the long-term implications of Suncity's increased equity stake and convertible bond financing for its overall capital structure and future IR development pipeline?"},{"label":"Manila IR Project Timeline","query":"How does this third deposit and deadline extension impact the projected completion and operational launch timeline for the Westside City Resorts World integrated resort in Manila?"}],"footnotes":""},"categories":[163,16333],"tags":[128,1427,22948],"class_list":["post-8426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-philippines","tag-suncity","tag-suntrust"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8426","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=8426"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8426\/revisions"}],"predecessor-version":[{"id":8444,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8426\/revisions\/8444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/8437"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=8426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=8426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=8426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}