Macau casino junket investor Suncity Group has acquired majority control of bilyonaryo Andrew Tan’s Suntrust Home Developers Inc., which will build and operate an integrated casino resort in the Pagcor Entertainment City.
Suncity has inked a deal to purchase 2.55 billion shares in Suntrust equivalent to 51% of issued shares at a cost of P1 per share. This marks the Hong Kong listed firm’s foray into the Philippine gaming industry.
A co-development agreement was likewise entered into between Suntrust and Westside City Resorts World Inc. Under the deal, Westside and Travellers International Hotel Group Inc. (a joint venture between Tan’s Alliance Global Group Inc. and Genting Hong Kong Ltd. will lease the project site for the main hotel and casino at Westside City Resorts World to Suntrust for $10.6 million per year for 20 years.
The lease agreement is renewable for 25 years.
According to Inside Asian Gaming, the hotel and casino will rise on a 44,000 square meter property with a development cost of around $700 million. The project is expected to house 400 gaming tables and 1,200 slot machines across both VIP and mass gaming segments. It will have 400 five-star hotel rooms.
Construction of the project will start before 2023.
Suncity said the investment “marked the first step towards establishing the group’s footprint in the casino and entertainment market of the Philippines and allowing the group’s to tap into this growing market as well as providing synergies to the overall tourism-related business of the group in the Southeast Asia region.”