The year 2024 is still the targeted start date for operation of a five-star hotel and casino complex at the Westside City Project (pictured in an artist’s rendering) in Manila, the Philippine capital, according to the first-quarter report of the property’s promoter, Suntrust Home Developers Inc.
“As of March 31, 2022, the construction work of pile cap[ping] has been completed while the construction works of the basement and ground floor of the… hotel casino have been substantially completed,” said Manila-listed Suntrust Home Developers in its quarterly report, filed on Friday to the Philippine Stock Exchange.
Management aimed to “commence the operation” of the Manila casino resort project “in 2024”, it added.
Suntrust Home Developers is 51-percent indirectly owned by Suncity Group Holdings Ltd, a Hong Kong-listed firm that – until his resignation in early December – had been chaired by Macau casino junket boss Alvin Chau Cheok Wa.
As of March 31, Suntrust Home Developers had commitments for capital expenditure amounting to approximately PHP22.63 billion (US$432.21 million) in relation to the construction of the Westside City hotel and casino. The group had cash and cash equivalents of PHP4.78 billion as of that time, according to its quarterly report.
In the report, Suntrust Home Developers also stated that it did not anticipate “having any cash flow or liquidity problems”.
For full-year 2021, key investor Suncity Group Holdings slipped to a loss amounting to HKD258.3-million (US$32.9-million).
That firm’s independent auditor issued a disclaimer of opinion regarding those annual results, with that listed firm citing as the reason, “multiple uncertainties relating to” the viability” of Suncity Group Holdings’ business as a “going concern”.
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