• 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 unit bid to run casino at Manila Bayshore

Oct 29, 2019 Newsdesk Latest News, Macau, Philippines, Top of the deck  


Suncity listco unit bid to run casino at Manila Bayshore

A complex and multi-layered agreement would – if confirmed – see interests linked to Hong Kong-listed Suncity Group Holdings Ltd invest in a long-awaited Manila, Philippines casino project that has previously been referred to as “Westside City Resorts World”, and before that, “Bayshore City Resorts World”.

Suncity Group Holdings is controlled by Alvin Chau Cheok Wa, the boss of privately-held Macau junket investor Suncity Group Ltd.

The listed firm said in a Tuesday filing in Hong Kong that under the new arrangement, there would be a “co-development” agreement between a Philippine-listed entity called Suntrust Home Developers Inc and another firm called Westside City Resorts World Inc.

Under the deal, the Westside entity and Travellers International Hotel Group Inc – a venture between Philippine conglomerate Alliance Global Group Inc and Hong Kong-listed Genting Hong Kong Ltd that also runs the Resorts World Manila casino resort in the Philippines – are to lease the project site 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.” So said Tuesday’s filing from Suncity Group Holdings.

The site is three parcels of land located at Manila Bayshore Integrated City in Paranaque City, Manila.

A Tuesday press release from Suntrust said it was – as part of the overall agreement – increasing its authorised capital stock from PHP3 billion (US$58.8 million) to PHP23 billion.

Fortune Noble Ltd, a British Virgin Islands firm wholly owned by Suncity Group Holdings – alongside Philippine-listed Megaworld Corp – would subscribe to approximately 5 billion common shares in Suntrust under that exercise.

“Post the capital hike, Fortune Noble will continue to own and maintain its majority controlling interest in Suntrust, while Megaworld will have at least a 34 percent stake,” said Suntrust in its Tuesday press release.

The deal is subject to the approval of the Philippine Securities and Exchange Commission, said the announcement to the Hong Kong bourse.

Suncity Group Holdings has been expanding its interests in the regional bricks and mortar casino industry. In April the group said it had won exclusive rights to manage the casino and food and drink operations of Hoiana, a new Vietnam casino resort in which it has an equity interest.

Elsewhere, privately-held Suncity Group this week confirmed it is partnering with international architecture firm Aedas to put forward a “tailor-made” project for an integrated resort (IR) in Japan’s Wakayama prefecture. Japan is to permit up to three casino resorts in a first phase of market liberalisation.


  • tweet
Related articles
  • Suncity listco to sell some units, US$16mln gain expected
    Suncity listco to sell some units,...

    May 11, 2022  

  • Hoiana accumulates US$248mln loss to Jan: report
    Hoiana accumulates US$248mln loss to...

    Apr 26, 2022  

More news
  • Pragmatic Play to offer its slots via online platform bet365
    Pragmatic Play to offer its slots via...

    May 17, 2022  

  • PH Resorts widens 1Q loss, affirms going concern risk
    PH Resorts widens 1Q loss, affirms...

    May 17, 2022  


Latest News

Pragmatic Play to offer its slots via online platform bet365

Pragmatic Play to offer its slots via online platform bet365

May 17, 2022  

The Pragmatic Play brand, a leading content provider to the iGaming industry, says it has signed a deal to launch its complete slot portfolio on the bet365 online wagering platform. As a result,...
Read More
PH Resorts widens 1Q loss, affirms going concern risk

PH Resorts widens 1Q loss, affirms going concern risk

May 17, 2022  

AAEC side files appeal notice on failed lawsuit against LVS

AAEC side files appeal notice on failed lawsuit against LVS

May 17, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$14.5 million

First-quarter gaming revenue recorded by the casino at the Jeju Dream Tower resort in South Korea



Most Popular

  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
  • Macau repeat visitors denied visa by China says BernsteinMacau repeat visitors denied visa by China says Bernstein May 16, 2022
  • Macau GGR tax cut may spur 15pct EBITDA hike: JP MorganMacau GGR tax cut may spur 15pct EBITDA hike: JP Morgan May 16, 2022
  • Macau mulls GGR tax cut if casinos attract foreign playersMacau mulls GGR tax cut if casinos attract foreign players May 13, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us