Suncity incorporates operating entity of US$700 million Manila hotel and casino development - IAG
Wednesday 20th January 2021
Suncity Group's Philippines subsidiary, Suntrust Home Developers, Inc, has completed incorporation of a new company called Suncity WC Hotel Inc to be tasked with overseeing operations of its new US$700 million hotel and casino development.
Suntrust confirmed via a Wednesday filing that it had received a certificate of incorporation from the Securities and Exchange Commission of the Philippines granting Suncity WC Hotel Inc its juridical personality.
As per the new entity's Articles of Incorporation, Suncity WC Hotel Inc's primary purpose will be "the business of establishing, constructing, operating, managing, and/or maintaining hotels, health and wellness shops, cinema, car parks, entertainment centers, amusement centers and other tourism-related facilities and all its incidental and allied facilities and services, and to own (other than land), hold, lease or sublease any real and personal property, which may be necessary or convenient for the conduct of its businesses."
The company now becomes a wholly-owned subsidiary of Suntrust, which has acquired all 10,138,200 shares in the company at a price of Php10,138,200 (US$211,000) or Php1.0 per share, including two nominal shares held by members of the initial Board of Directors of Suncity WC Hotel Inc.
Suntrust itself is 51%-owned by Suncity Group via its wholly-owned subsidiary Fortune Noble Ltd, with Philippines real estate firm Megaworld Corporation holding 43.5% and Aurora Securities the remaining 5.5%.
The hotel and casino development in question, scheduled for completion in late 2022, is set to cost US$700 million and cover an area of around 44,000 square meters, with a building floor area of 182,000 square meters.
The project, to be located within the Westside City Resorts World township in Manila's Entertainment City precinct, will include 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces.