Suntrust Home Developers Inc, a firm involved in the creation of a casino hotel at the Westside City scheme (construction site pictured), in the Philippine capital Manila, confirmed in a Tuesday filing that the board had on Monday approved changing the company’s name to Suntrust Resort Holdings Inc.
As of August, the casino at Westside City was scheduled to start operating in the year 2023.
In June last year, the Philippine Stock Exchange-listed group said it had changed its primary purpose from real estate development to “tourism-related businesses”, and would seek the name change to reflect that.
One of Suntrust’s key backers is Hong Kong-listed Suncity Group Holdings Ltd, led by Macau junket entrepreneur Alvin Chau Cheok Wa.
On September 1, Suntrust said it was more than doubling its capital stock, to 50 billion shares.
“The proposed amendments will allow the corporation to increase its capital to fund the construction of the main hotel casino” at the Westside City complex, stated Suntrust in a filing that day to the Philippine bourse.
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“Amendment to the gaming law is still a work in progress ... We need to wait for further details, in terms of the finer form that the amendments will take, and there will be additional regulatory measures that will be potentially issued thereafter”
Chief operating officer of Sands China