Suntrust Home Developers, Inc has entered into supplemental agreements to extend by three months the time period in which it must fulfill all conditions under a share subscription agreement and raise at least US$300 million for development of a hotel and casino at Westside City Resorts World in Manila’s Entertainment City.
Under an original Share Subscription Agreement announced on 28 October 2019, Hong Kong-listed Suncity Group Holdings Ltd agreed to subscribe to 2,550,000,000 Suntrust shares, representing 51% of issued share capital, via its wholly-owned subsidiary Fortune Noble Limited pending fulfilment within five months of certain conditions.
As reported by Inside Asian Gaming last week, some of the conditions are yet to be met as of the 28 March deadline despite gaining shareholder approval to proceed with the payment of US$200 million for use of the site.
Suntrust also entered into a Co-Development Agreement last October with Westside City Resorts World Inc to raise not less than US$300 million for the construction and development of the project within five months.
Suntrust, which is 43.5% owned by Megaworld Corporation and 5.5% by Aurora Securities, announced Monday that it has now extended both agreements until 31 July 2020.
The shareholders are looking to develop the project at a cost of US$700 million. Due for completion in late 2022, it will include 400 gaming tables and 1,200 slot machines plus 400 five-star hotel rooms.
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