Suncity Group Holdings Ltd’s Philippines subsidiary SunTrust Home Developers Inc has entered into a new supplemental agreement with Westside City Resorts World Inc that will see it pay an additional US$46 million deposit for use of the site upon which it plans to build a hotel and casino in Manila’s Entertainment City.
The deposit, coming on top of an initial US$20 million deposit paid in January, buys SunTrust more time with the agreement also extending the fund raising period from 31 July 2020 to 30 September 2020 to complete the full US$200 million payment for use of the site. This latest US$46 million deposit will be paid before 30 June, said Suncity in a filing to the Hong Kong Stock Exchange.
Suncity holds a 51% stake in Suntrust via another of its subsidiaries, Fortune Noble.
SunTrust’s hotel and casino development will form a key part of Westside City Resorts World – a sprawling, multi-billion dollar leisure and entertainment township being developed on 31 hectares by Philippines construction giant Megaworld Corporation and Resorts World Manila operator Travellers International Hotel Group.
Suncity’s hotel and casino development is set to cost US$700 million and cover an area of around 44,000 square meters, with a building floor area of 182,000 square meters.
The project will include 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces, and is due to open in 4Q22. The Westside City Resorts World township will also offer additional facilities such as a Grand Theatre, shopping malls and 2,000 parking spaces.
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