The Hotel Will Have A Full Floor Dedicated To Games And Slots

Suncity Group, the residential and commercial property developer listed on the Hong Kong stock exchange, is expanding its stake in the Philippines property management company Suntrust Home Developers, Inc, after a “CB Subscription Agreement” was signed to see it subscribe to convertible bonds to the amount of $145 million and reach 74.42% share in the Philippines firm.

In October 2019, Suncity acquired the initial 51% stake in Suntrust through its wholly owned subsidiary Fortune Noble Ltd, and the convertible bonds purchased under the new condition of the initial “Shares Subscription Agreement” will be converted into ordinary shares pending fulfillment of certain conditions.

In a filing to the Philippines Securities and Exchange Commission on Friday, Suncity explained this was needed to provide funding for the development of a hotel and casino at Westside City Resorts World in Manila’s Entertainment City. The $700 million hotel and casino Suntrust will build will feature 400 five-star hotel rooms and a gaming floor of 400 tables and 1,200 slot machines, and will be part of Westside City Resorts World, a joint project of Travellers International Hotel Group and Megaworld Corporation.