May 23, 2022 Newsdesk Latest News, Philippines, Top of the deck  
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”.
Jun 09, 2023
Jun 06, 2023
Jun 09, 2023
Jun 09, 2023
Jun 09, 2023
None of Macau’s six gaming concessionaires have so far applied for a form of “exemption” from the full 40-percent tax rate on casino gross gaming revenue (GGR), as potentially applicable...Jun 09, 2023
Commercial opportunities for utilisation of...Jun 08, 2023
Gaming content and equipment maker Konami says it is...Jun 07, 2023
Casino gaming content and hardware provider Light &...Jun 06, 2023
Electronic table games (ETGs) supplier Interblock dd is...Jun 05, 2023
Random number generator (RNG) testing tools are among the...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
”We believe the intrinsic value of IGT’s market-leading businesses and diversified cash flow profile is not currently reflected in our stock price and the timing is right to assess opportunities that may enhance value for IGT’s shareholders”
Marco Sala
Executive chair of casino equipment supplier IGT