Operator News
Philippines – Suncity buys into Westside City Resort World in Manila’s Entertainment City
By Phil - 30 October 2019
Hong Kong-based junket group Suncity will operate Westside City Resort World project, a casino project in Manila’s Entertainment City in Parañaque, that will include a 5-star hotel alongside a casino with 400 gaming tables and 1,200 slot machines.
The deal has come about as Fortune Noble, a subsidiary of Suncity Group Holdings, is buying a majority share in Suntrust Home Developers, who is co-developing the resort alongside Travellers International Hotel Group.
SunTrust will rent the land for the casino for US$10.6m for a term of 20 years upon completion.
SunTrust Chairman and President Ferdinand B. Masi said: “We believe that the tourism sector, which has seen significant growth in recent years, will continue to show sustainable growth and attract more investments which will be able to drive more growth to the company.”
Andrew Lo, Executive Director at Suncity, added: “Outside of Macau, the best city for gaming is Manila because of the scale, three international brands and facilities, all convenient to the airport.”
The project has so far cost P96.5bn ($1.89bn) with total expenditure pitched at $3.4bn. The casino is expected to open in 2023.
The Philippines’ casino sector includes 10 private casino operators operating 1,785 gaming tables and 10,799 slots whilst state regulator PAGCOR runs several casinos totalling 477 tables and 9,751 gaming machines. Revenues increased by 14 per cent to P120.48bn ($2.36bn) in the first half of 2019.
