Hong Kong-listed real estate developer and casino operator Suncity Group Holdings Ltd. revealed Tuesday plans to tap into the Philippines’ rapidly expanding casino industry.
The company said in filing to the Hong Kong Stock Exchange that it has purchased a majority stake in Philippines-based Suntrust Home Developments, which has previously unveiled plans to co-develop and operate a hotel and casino resort in Manila.
The capital of the Philippines already hosts four integrated resorts, with those being managed by some of Asia’s biggest gaming and hospitality companies, as well as other gambling establishments.
Commenting on their decision to enter the Philippines brick-and-mortar casino market, Suncity Executive Director Andrew Lo said earlier today that “outside of Macau the most decent city for gaming is Manila because of the scale, three international brands and facilities, airport […] quite convenient.”
A subsidiary of Malaysian casino giant Genting Group, Japan’s Okada Holdings, and Macau’s Melco Resorts & Entertainment are the three international casino resort operators Mr. Lo referred to in his comments.
The Casino Resort Project
In a separate statement, Suntrust, the company Suncity bought a majority stake in, said that it has signed an agreement to develop and exclusively operate the main hotel casino portion of a planned integrated resort in Manila.
Suntrust will run a 400-room hotel and a casino with around 400 gaming tables and 1,200 slot machines, under the deal. The gaming floor will be intended for both mass market players and high rollers, it also became known.
Suntrust’s Manila hotel-casino will be part of the larger Westside City Resorts World project. The company will lease the operation from Westside City Resorts World Inc. and Travellers International Hotel Group Inc., a joint venture between Philippine conglomerate Alliance Global Group Inc. and Genting Group’s Genting Hong Kong Ltd., which also currently operates the Resorts World Manila casino resort in the Philippine capital.
As of June 30, 2019, developers of the Westside resort have spent PHP96.5 billion (approx. $1.9 billion) on the major scheme. The property is expected to open doors by 2023.
Suncity needs approval from the Philippine Securities and Exchange Commission in order to be able to join the casino resort project, according to its filing with the Hong Kong Stock Exchange.
Suncity’s Japanese Expansion Effort
Aside from its interest in entering the Philippines’ booming casino industry, Suncity has also ramped up its preparations to bid for a gaming license that would authorize it to tap into Japan’s nascent casino market.
Earlier this week, the company announced that it has partnered with international architecture firm Aedas to put forward a proposal for an integrated resort in the Japanese prefecture of Wakayama. Suncity said in a statement that it wants to create a unique project “combining Wakayama prefecture’s historical tradition, natural landscape and cultural essence.”
The company went on that it has “clear understanding of integrated resorts” which would enable it to utilize its resources and “present to the world the diversity of Wakayama.”
Sources: Hong Kong’s Suncity to operate Philippine casino-resort, Reuters
Suncity partners with Aedas architects for Wakayama project, GGRAsia
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