Suntrust gets US$148mln for Manila via Suncity listco unit
Suntrust Home Developers Inc, a Philippine entity investing in a casino hotel scheme in Manila that is part of the Westside City Project (pictured in an artist’s rendering), said in a Friday filing that it is to borrow up to PHP7.3 billion (US$147.8 million) from a firm wholly owned by Suncity Group Holdings Ltd.
Hong Kong-listed Suncity Group Holdings is controlled by Macau casino junket boss Alvin Chau Cheok Wa, the head of Macau VIP brand Suncity.
Suntrust’s loan, bearing 5.25-percent interest annually, is with Fortune Noble Ltd, a wholly-owned subsidiary of Suncity Group Holdings, said Suntrust in its filing to the Philippine Stock Exchange.
Suntrust itself is 51 percent owned by Fortune Noble. Suncity Group Holdings Ltd is to increase to 74.42 percent – via Fortune Noble - its equity interest in Suntrust. The Hong Kong entity is doing so via a subscription of PHP7.3-billion worth of convertible bonds to be issued by the Philippine entity.
Mr Chau said in Suncity Group Holdings’ 2019 annual report filed on June 11 this year, that he would “soon” oversee a ground-breaking ceremony for the Manila casino scheme.
Suncity Group Holdings also has an investment in the Hoiana casino resort in Vietnam, and an interest – via Hong Kong-listed Summit Ascent Holdings Ltd – in the Tigre de Cristal casino resort in the Russian Far East.
Latest News
G2E Asia 2023: Singapore
-
Alfastreet’s new Verso cabinet heading to Asian markets Alfastreet, a manufacturer of electronic gaming machines,... -
Sega Sammy Creation growing land-based, eyes online Casino equipment maker Sega Sammy Creation Inc is tweaking... -
iGaming growing in Asia, ops tackling challenges: Uplatform The iGaming segment in Asia “has grown rapidly” since... -
‘See before you play’ slot marketing tool, say tech... Showing slot machine players – via animations on the... -
Macau stocks tied to China outlook: Bloomberg analyst Macau stocks in likelihood “have been punished too much... -
Investors still eye possible fresh IR locations in Japan:... There are foreign companies still interested in investing... -
Thai casino law possible in 2024, IR in 2030: govt adviser Thailand could pass the necessary enabling legislation for... -
China still ‘critical’ to Asian markets: G2E Asia panel China will remain a key market for Asian gaming... -
Much interest in state casinos sale, says Pagcor boss Alejandro Tengco (pictured in a file photo), chairman and... -
Gaming industry in for a very exciting period: Bill Miller There are “plenty of reasons” for the global gaming... -
IGT flags route to high-performing games for Asia Gaming equipment provider International Game Technology Plc... -
G2E Singapore trade show, conference begins today The Global Gaming Expo (G2E) Asia 2023 Special Edition:... -
Novomatic’s Black Edition II cabinets at G2E in Singapore Austria-based gaming equipment maker and operator Novomatic... -
Uplatform to show latest iGaming products at G2E Singapore Sports betting and online casino operating platform... -
L&W ambition to be No1 in Asia well on its way: SVP... The business performance in Asia of gaming content and... -
G2E Singapore expecting 6k visitors, 100+ exhibitors The organisers of Global Gaming Expo (G2E) Asia 2023... -
‘Dragon Unleashed’ slot link by L&W at G2E in... Gaming content and equipment supplier Light & Wonder... -
Sega Sammy Creation new multi-ETG at G2E in Singapore Casino equipment maker Sega Sammy Creation Inc is to... -
Aristocrat at G2E Asia in Singapore previews Year of Dragon Casino slot machine and digital gaming content provider... -
IGT ‘Prosperity’ link in Asia show debut G2E in... The Global Gaming Expo (G2E) Asia event in Singapore is the... -
Thai parliament adviser on casinos attending G2E Singapore An adviser to a Thailand parliamentary committee mulling...
Sign up to our FREE Newsletter
(Click here for more)
Most Popular
Lam Yi Young resigns as deputy CEO Resorts World Sentosa June 2, 2023 
MBS en route to US$500mln quarterly EBITDA: LVS boss June 1, 2023 
China stimulus package could benefit Macau stocks: CBRE June 2, 2023
