SunTrust Home Developers Inc, the Philippines subsidiary of Suncity Group, has announced it will sell its nongaming assets in order to fund a hotel and casino project in Manila’s Entertainment City precinct.
According to a Hong Kong Stock Exchange filing overnight, Asian E-Commerce Inc., half-owned by Megaworld Corp., will acquire SunTrust’s entire 24.27 percent stake in the FOPM Group for PH153.7 million (US$3.2 million). FOPM Group includes a real estate management firm and a transportation company.
Inside Asian Gaming reports that Suncity acquired a majority 51 percent stake in SunTrust in 2019 as part of a larger deal with Megaworld and Travellers International Hotel Group, which runs Resorts World Manila operator. The partners are developing and will operate the main hotel and casino at Westside City Resorts World. Megaworld currently holds a 34 percent stake in SunTrust.
The property is due to open in 2023. The gaming floor will include 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms.
Suncity “intends to apply the net sale proceeds from the disposal” of the nongaming assets “as general working capital and to partially finance the construction of the main hotel casino that is currently under development by SunTrust.”
