Suntrust Home Developers, Inc, the Philippines-based subsidiary of Suncity Group Holdings, has revealed a change of name to Suntrust Resort Holdings, Inc.
As per a Philippine Stock Exchange announcement, Suntrust’s new identity aligns the company’s corporate name with its primary purpose of engaging in tourism-related businesses – more specifically the development of a hotel-casino in Manila’s Entertainment City.
The US$1 billion project, due to open in 2023 as part of the larger Westside City development, will incorporate a 450-room hotel while the casino will boast 400 gaming tables and 1,200 slot machines.
The change of name comes just days after Suntrust announced it was doubling its capital stock in order to raise further funds for the project’s development, from 23 billion shares of par value PHP1.00 (US$0.02) to 50 billion shares,
Suncity holds a 51% interest in Suntrust, having acquired its stake in the company in 2019.
The company last year signed a 45-year lease agreement with Travellers International Hotel Group Inc and Westside for the development and operation of the hotel-casino project.