Hong Kong-listed Suncity Group has announced that the company behind HOIANA Integrated Resort has been advanced a new loan of around US$34 million to assist with future business development and capital needs.
According to Suncity’s filing to the Hong Kong Stock Exchange, the loan comes from Star Admiral Limited, an indirect wholly-owned subsidiary of SunCity, and Alpha Era Investments Limited, two companies that each own 50 percent shareholding in Gold Yield Enterprises Limited (GYE), which is the main company behind the development of HOIANA IR.
Suncity said the loan amount was determined after arm’s length negotiations taking into consideration the capital needs of GYE for its business development in the project.
Under the loan agreement, interest applied to the loan is 1.5 percent per annum, with a term of 5 years from the first drawdown date. GYE is expected to repay the principal amount and interest of the loan upon the expiry of the term.
The loan is expected to be withdrawn by GYE in around late March 2020.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Hyatt Hotels Corporation has announced the opening of the 1,600-room Grand Hyatt Jeju in South Korea, the largest Hyatt hotel in Asia Pacific. This hotel is part of the Jeju Dream Tower which opened on Friday.
Galaxy Entertainment Group told Macau News Agency that recent wage dispute involving workers employed at its Cotai expansion projects, originated from fee disputes between the workers and mainland employment agencies.
MGM Resorts has thrown its cards into the online gaming ring, with an attempt to buy U.K.-listed Entertain for GBP11.3 billion ($15.4 billion), which may reshape the group and reduce its focus on Asia in the longer term.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.