Total costs for the “main hotel casino” at the Westside City Project in Manila’s Entertainment City will reach approximately US$1 billion, according to Suncity Group Holdings Ltd, the hotel casino’s backer.
In a February 10 filing to the Hong Kong bourse, the firm said it invested US$220 million in construction and development costs last year, and will raise an additional $280 million this year via “debt and/or equity financings” to help fund the project.
The Hong Kong-listed entity is headed by Alvin Chau Cheok Wa, of Macau junket group Suncity Group. According to GGRAsia, Suncity is expected to plow another US$500 million into the Westside.
