Prominent Asian junket firm Suncity Group has reportedly finalized a 20-year deal that is to see one of its subsidiaries become the main operator of the casino to be located within the Philippines’ coming Resorts World Westside City development.
According to a report from GGRAsia, the Hong Kong-listed firm revealed that its Suntrust Home Developers Incorporated subordinate has agreed to pay some $200 million in order to run the forthcoming property’s casino until the August 19, 2039. It purportedly declared that this contract may be ‘automatically renewed’ for up to another 25 years and also contains a provision that will see its subsidiary hand over annual rent of about $10.6 million to the Westside City Resorts World Incorporated arm of Travellers International Hotel Group Incorporated.
GGRAsia reported that Travellers International Hotel Group Incorporated is a joint venture between Filipino conglomerate Alliance Global Group Incorporated and Asian casino giant Genting Malaysia Berhad and that it is building the $700 million Resorts World Westside City on a 297-acre parcel of land within the Entertainment City district of metropolitan Manila. The finished development is purportedly expected to open by the end of 2022 featuring a 400-room hotel alongside a 1,959,031 sq ft casino offering a selection of approximately 1,200 slots as well as some 400 VIP and mass-market gaming tables.
According to another source, the deal has formalized an arrangement inked in October that had given Suntrust Home Developers Incorporated the rights to serve as the ‘sole and exclusive operator and manager of the main hotel casino’ within the coming Philippines property. It detailed that the coming Resorts World Westside City is to be a five-star property sitting about a 15-minute drive from Manila Ninoy Aquino International Airport additionally featuring a theater, shopping malls and over 2,900 car parking spaces.
The 1,976-acre Entertainment City district welcomed its first integrated casino resort in 2013 following the debut of the Solaire Resort and Casino from the Bloomberry Resorts and Hotels Incorporated subsidiary of Manila-listed Bloomberry Resorts Corporation. This was soon followed by local firm Belle Corporation in partnership with Melco Resorts and Entertainment Limited opening the nearby City of Dreams Manila development while December of 2016 saw the Tiger Resort Leisure and Entertainment Incorporated subordinate of Japanese firm Universal Entertainment Corporation begin welcoming guests to its giant Okada Manila venue.