• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 15 April 2021
  • 中文中文
  • 日本語日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Suntrust raises US$270 million for Manila hotel and casino project as Suncity Group, Summit Ascent subscribe to bonds

Ben Blaschke by Ben Blaschke
Monday 4 January 2021 at 17:20
SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

An artist’s impression of the façade of the Westside City project.

38
SHARES
940
VIEWS
Print Friendly, PDF & Email

Philippines-listed Suntrust Home Developers has issued convertible bonds totaling a combined Php12.9 billion (US$269.5 million) to entities of Hong Kong’s Suncity Group and Summit Ascent as it accelerates preparations to develop a US$700 million hotel and casino at Manila’s Westside City Resorts World.

According to concurrent Monday filings, the bonds were issued on 30 December 2020 and include Php7.3 billion (US$152.0 million) zero coupon convertible bonds to Suncity Group subsidiary Fortune Noble Limited with a maturity date of 30 December 2025.

The subscription price, Suntrust confirmed, will be used for development of its Manila hotel project, including around 400 hotel rooms of which standard rooms will range from 34 to 39 square meters, and a casino comprising 400 gaming tables and 1,200 slot machines for both the mass and VIP markets.

Fortune Noble is controlling shareholder of Suntrust with a 51% stake and can increase its interest to 74.60% upon conversion of the bonds, although doing so would see Suntrust’s public float fall from 14.33% to 7.48% and therefore below the Philippine Stock Exchange’s minimum public float requirement of 10%.

“If Fortune Noble opts not to convert the Convertible Bond into Conversion Shares then the amount of the Convertible Bond becomes a debt payable under the terms of the Convertible Bond Subscription Agreement,” Suntrust said.

The remaining Php5.6 billion in convertible bonds have been issued to Summit Ascent Holdings subsidiary Summit Ascent Investments Limited at Php1.80 per conversion share, representing a premium of 56.52% over the closing price of Suntrust shares on the previous day to completion of the agreement.

Summit Ascent Holdings, majority-owned by Suncity Group, controls Russian casino-resort Tigre de Cristal in Vladivostok.

Should the company opt to convert its bonds to shares, Summit Ascent would claim a 30.03% stake in Suntrust but would allow for the public float to remain marginally above the minimum requirement at 10.03%.

Suncity Group has previously stated its intention to hold a soft opening of its Manila hotel and casino project by the end of 2022, followed by a grand opening in 2023.

Tags

not assigned casino | convertible bonds | Philippines | Summit Ascent Holdings | Suncity Group | Suntrust home Developers | Westside City Resorts World

RelatedPosts

PAGCOR puts freeze on approval of new POGO applications

Manila quarantine level eased but casinos remain on closure list

Monday 12 April 2021 at 05:15
Scientific Games reports US$198 million loss in 2Q20 but maintains positive EBITDA on iGaming growth

Moody’s upgrades Scientific Games outlook to stable on evidence of COVID recovery

Monday 12 April 2021 at 04:36
First look at Japan’s casino regulations

First look at Japan’s casino regulations

Friday 9 April 2021 at 06:54
Grand Hyatt in Lotte Tour’s Jeju Dream Tower granted 5-star rating

Casino at Jeju Dream Tower to open in May

Friday 9 April 2021 at 05:20
Load More
Tags: casinoconvertible bondsPhilippinesSummit Ascent HoldingsSuncity GroupSuntrust home DevelopersWestside City Resorts World
Share15Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Crown of thorns

Crown of thorns

by Ben Blaschke
Friday 2 April 2021 at 18:09

Already deemed unsuitable to hold a casino license in New South Wales, there are still many chapters to be written...

China’s digital RMB: Macau’s Route to Recovery?

China’s digital RMB: Macau’s Route to Recovery?

by Victoria White
Friday 2 April 2021 at 17:50

Recent brokerage reports highlighted the potential benefits to the Macau market of accepting China’s new Digital RMB. In the first...

Land locked

Land locked

by Shintaro Kamimura
Friday 2 April 2021 at 17:11

In the March issue of IAG Japan, we explained the various issues Yokohama will need to overcome in order to...

Forward focused

Forward focused

by Ben Blaschke
Friday 2 April 2021 at 16:54

Inside Asian Gaming sits down with Lloyd Robson, General Manager – APAC for Aristocrat, to find out how the company...

Related Posts

Landing International appoints director to oversee hotels and theme parks

by Newsdesk
Thursday 15 April 2021 at 08:50

Hong Kong-listed Landing International Development Ltd has announced the appointment of a new Executive Director tasked with overseeing the hotels and theme parks at the company’s South Korean integrated resort, Jeju Shinhwa World. Huang Wei, aged 39, has been appointed...

Macau records highest daily and weekly visitor arrivals since start of COVID-19 pandemic

Macau to subsidize residents to enjoy local “staycations” and tours

by Newsdesk
Thursday 15 April 2021 at 08:30

The Macau SAR Government has announced it will grant each resident one MOP$200 voucher to enjoy a “staycation” and subsidize residents to experience local tours, with the aim of supporting tourism industry operators. The Macau Government Tourism Office (MGTO) announced...

sjm

Over 1,000 SJM staff members take part in sharing session on the spirit of “Two Sessions”

by Newsdesk
Thursday 15 April 2021 at 08:28

Sociedade de Jogos de Macau, S.A. (SJM) hosted a “Two Sessions Spirit Sharing Session” on 13 April at Grand Lisboa as part of its national educational series, with more than 1,000 employees taking part. The event followed the recent conclusion...

Sands Macao launches new poker room

Sands China distances itself from Guangdong online gambling group using company trademarks

by Ben Blaschke
Thursday 15 April 2021 at 08:26

Sands China has issued a statement distancing itself from an online gambling site based out of Guangdong Province and using the “Sands Macao” name. The statement follows a press release from the Guangdong Provincial Public Security Department published last week...

About Alexa
IAG

© 2005-2021 Inside Asian Gaming. All rights reserved.

  • SUBSCRIBE
  • NEWS
  • FEATURES
  • PEOPLE
  • COLUMNISTS
  • TECH TALK
  • iGAMING
  • EVENTS
  • MACAU
  • JAPAN
  • REGIONAL
  • POWER 50
  • 中文
  • 日本語

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Consulting
  • Events
  • Regional
  • Magazines
  • Advertise
  • Contact
  • About
  • 中文
  • 日本語

© 2005-2021 Inside Asian Gaming. All rights reserved.