Suncity Group Holdings, the listed arm of Macau VIP operator Suncity Group, has revealed that it will complete full payment of US$200 million for use of the Westside City Resorts World site upon which it plans to develop a hotel and casino by late March or early April.
The payment, to be made via Suncity’s recently acquired Philippines subsidiary Suntrust Home Developers Inc, will include a US$20 million deposit to be paid no later than 31 January 2020, with the remaining balance due within 10 days of all conditions under a Co-Development Agreement between Suntrust and Westside being fulfilled.
The deposit will be repaid if that Co-Development Agreement isn’t fulfilled by 28 March 2020.
Suncity announced in October the details of the multi-layered agreement that includes involvement in Westside City Resorts World – the fourth integrated resort being developed in Manila’s Entertainment City precinct. Westside City Resorts World is a sprawling, multi-billion dollar leisure and entertainment township being developed on 31-hectares by Philippines construction giant Megaworld Corporation and Resorts World Manila operator Travellers International Hotel Group, a joint venture between Genting Hong Kong and Alliance Global Group.
As per the terms of that agreement, Suncity has now acquired 51% of Suntrust with Megaworld acquiring 43.5% and Aurora Securities Inc the remaining 5.5%.
Suncity’s hotel and casino development is set to cost US$700 million and cover an area of around 44,000 square meters, with a building floor area of 182,000 square meters.
The project will include 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces, due to open in 4Q22. The Westside City Resorts World township will also offer additional facilities such as a Grand Theatre, shopping malls and 2,000 parking spaces.