The Suncity Group Holdings has provided an additional US$82 million deposit, through its Philippines subsidiary Suntrust Home Developers, to Westside City Resort World, a subsidiary of Travellers International Hotel Group. This represents the third refundable deposit following earlier installments of US$20 million and US$46 million, making a total of US$148 million. Moreover, Suntrust currently has […]
Suncity Group’s local Philippine unit says it is no longer subject to any limits on foreign ownership following the approval of an amendment of its scope of business to focus on tourism-related activities.
Hong Kong-listed Suncity Group has just signed an operation and management (O&M) agreement with Westside City Resorts World Inc. as part of its co-development agreement to operate a new hotel-casino in Entertainment City. The O&M agreement took effect on May 4, 2020, and will be valid until July 11, 2033, and is one of the […]
Suncity Group has announced its subsidiary, SunTrust Home Developers Inc, has signed a 20-year lease agreement with Travellers International Hotel Group and Westside to develop and operate its casino hotel. The agreement comes as part of moves by Suncity to operate a casino in the Philippines, which began in October last year when Suncity acquired […]
The Securities and Exchange Commission (SEC) is investigating whether Suntrust Home Developers, co-developer of Westside City Resorts World, should have made a tender offer to public investors, during its acquisition by Suncity Group, The Inquirer reports. The company was recently acquired by Suncity Group Holdings, as a way for the junket operator to make its […]
The Securities and Exchange Commission has approved an increase in the authorized capital stock of Suntrust Home Developers Inc, paving the way for the entry of Suncity Group Holdings into the company. In October, Hong Kong-listed Suncity announced it had acquired a controlling stake in Suntrust, which is involved in developing and managing an upcoming […]
Suncity’s backdoor foray into the Philippines gaming industry has raised questions from industry stakeholders, particularly regulators, according to local media. Last week, the Hong Kong-listed junket operator announced it has acquired a controlling stake in SunTrust Home Developers Inc, a company involved in developing and operating the casino portion of the long-awaited Westside City Resort […]
Shares of Suntrust Home Developers Inc. are to remain suspended from trading by the Philippine Stock Exchange after it was found that its deal with Hong Kong-listed Suncity was in breach of backdoor listing rules. Earlier this week, Suncity Group Holdings announced it has acquired a controlling stake in Suntrust, which is involved in developing […]