• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Suncity listco concludes stake acquisition re Manila scheme

Jan 09, 2020 Newsdesk Latest News, Philippines, Top of the deck  


Suncity listco concludes stake acquisition re Manila scheme

Hong Kong-listed Suncity Group Holdings Ltd, controlled by the boss of Macau casino junket brand Suncity Group, Alvin Chau Cheok Wa, has concluded the acquisition of a majority stake in a Philippines-listed firm that in late October said it would “build and operate the hotel and areas of the casino” on the “Westside City Resorts” project, on land near Manila Bay in the Philippine capital.

Suncity Group Holdings has now acquired a 51-percent stake in Philippine firm Suntrust Home Developers Inc, according to a Wednesday filing by the latter to the Philippine Stock Exchange. The deal was first announced in October, in connection with Suntrust’s Westside City Resorts project announcement.

The Suncity listco’s wholly-owned subsidiary Fortune Noble Ltd acquired 2.55 billion shares in Suntrust on December 20, for PHP1.00 per share; a total consideration of PHP2.55 billion (US$50.4 million).

The casino plan had been mentioned in a Hong Kong filing in late October by Suncity Group Holdings. According to that filing, the project would have total gaming capacity of 400 tables to serve the VIP and mass markets, and 1,200 slot machines.

The Manila Bay site had previously been earmarked for a casino developed by Travellers International Hotel Group Inc, a venture between Philippine-listed conglomerate Alliance Global Group Inc and Hong Kong-listed casino cruise ship operator Genting Hong Kong Ltd.

Now Suncity Group Holdings is to make payments – including an initial US$200 million to a party linked to Travellers International – to develop and operate the site via the parties related to Suncity Group Holdings.


  • tweet
Related articles
  • Summit Ascent says Suntrust owes it US$6mln bond interest
    Summit Ascent says Suntrust owes it...

    Jan 17, 2023  

  • Megaworld investing US$261mln in Manila condos, casino
    Megaworld investing US$261mln in Manila...

    Nov 22, 2022  

More news
  • Junket boss Levo Chan heard okaying illicit bets: court
    Junket boss Levo Chan heard okaying...

    Jan 30, 2023  

  • Macau visitor momentum kept for post CNY weekend
    Macau visitor momentum kept for post...

    Jan 30, 2023  


Latest News

Junket boss Levo Chan heard okaying illicit bets: court

Junket boss Levo Chan heard okaying illicit bets: court

Jan 30, 2023  

A Macau court was offered evidence on Monday, including of recordings from police-wiretapped telephone conversation, that the prosecution says proves the direct involvement of Levo Chan Weng Lin...
Read More
Macau visitor momentum kept for post CNY weekend

Macau visitor momentum kept for post CNY weekend

Jan 30, 2023  

South Korea extends travel restrictions on China arrivals

South Korea extends travel restrictions on China arrivals

Jan 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


451,047

Aggregate number of visitors to Macau during the Chinese New Year holiday period



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Almost half million visitors to Macau for 7 days of CNY holsAlmost half million visitors to Macau for 7 days of CNY hols January 30, 2023
  • Macau visitor momentum kept for post CNY weekendMacau visitor momentum kept for post CNY weekend January 30, 2023
  • G2E Asia in-person for Macau in 2023, first time since 2019G2E Asia in-person for Macau in 2023, first time since 2019 January 27, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us