• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

US$200mln pay schedule for Manila site set: Suncity

Jan 21, 2020 Newsdesk Latest News, Philippines, Top of the deck  


US$200mln pay schedule for Manila site set: Suncity

Hong Kong-listed Suncity Group Holdings Ltd says a Philippines-based subsidiary has reached an agreement with a third party for the payment schedule regarding the right to use a site earmarked for a casino scheme located in that country’s capital Manila.

The US$200-million payment would be to Westside City Resorts World Inc, which is a subsidiary of Travellers International Hotel Group Inc. The latter is in turn a venture between Philippine conglomerate Alliance Global Group Inc and casino cruise ship operator Genting Hong Kong Ltd.

Suncity Group Holdings subsidiary Suntrust Home Developers Inc announced in October last year a “co-development” agreement with Westside for a property identified as “Westside City Resorts”. Under the deal, Westside and controlling shareholder Travellers are to lease the casino resort project site to Suntrust for “development of the main hotel casino”, and Westside “is to appoint SunTrust as the sole and exclusive operator and manager of the main hotel casino.”

Suncity Group Holdings said in a filing to the Hong Kong Stock Exchange on Monday that, according to an agreement between Suntrust and Westside, “a refundable deposit in the sum of US$20 million” shold be paid by Suntrust to Westside “on or before January 31.”

The balance of the project site payment shall be paid within 10 days from the date on which all the conditions precedent under the co-development agreement signed between the two sides are fulfilled, according to the filing.

“In case the conditions precedent under the co-development agreement are not fulfilled by March 28, 2020 (or such other period as Westside and Suntrust may agree in writing), the deposit shall be refunded by Westside to Suntrust within 10 business days,” Suncity Group Holdings stated.

The project site payment “represents the payment for the use of the project site and reimbursement of the costs incurred on the project site and the construction works done on the project site,” Suncity Group Holdings had said in a filing last November.

The Westside City Resorts project will be located in Entertainment City, a 120-hectare (297-acre) parcel of reclaimed land in Metro Manila. Entertainment City as a whole is being marketed by the Philippine authorities as a casino cluster meant to emulate the success of Macau’s Cotai district.


  • tweet
Related articles
  • Morgan Stanley dips Macau 2021 GGR outlook on weaker VIP
    Morgan Stanley dips Macau 2021 GGR...

    Jan 08, 2021  

  • Hoiana Phase 2 to start this year says Suncity brand
    Hoiana Phase 2 to start this year says...

    Jan 06, 2021  

More news
  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  

  • Mass market play record 65pct Macau GGR in 4Q: govt
    Mass market play record 65pct Macau GGR...

    Jan 15, 2021  


Latest News

CNY 2021 unlikely to boost Macau casinos, say observers

CNY 2021 unlikely to boost Macau casinos, say observers

Jan 15, 2021  

Recent advisory notices issued by a number of local authorities in mainland China, calling on residents not to travel during the February Chinese New Year (CNY) break, further clouds the prospects...
Read More
Mass market play record 65pct Macau GGR in 4Q: govt

Mass market play record 65pct Macau GGR in 4Q: govt

Jan 15, 2021  

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Jan 15, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”

Vitaly Umansky, Kelsey Zhu and Tianjiao Yu

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Revamped Nüwa hotel reopens Feb 8, says City of DreamsRevamped Nüwa hotel reopens Feb 8, says City of Dreams January 12, 2021
  • Macau no guess if impact by China no CNY travel callMacau no guess if impact by China no CNY travel call January 12, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us