Suntrust inks 20-year lease deal for its casino - Bilyonaryo
Tuesday 25th February 2020
Hong Kong's SunCity Group has signed a lease agreement with bilyonaryo Andrew Tan's Travellers International Hotel Group to develop an integrated casino resort in Manila's Entertainment City.
Under the deal, SunCity subsidiary Suntrust Home Developers Inc. will pay an annual rental fee of $10.6 million for a period of 25 years or until August 19, 2039.
The lease will be automatically renewed for another 25 years.
The agreement follows a deal to co-develop a five-star hotel with at least 400 rooms, a casino with 400 gaming tables, and 1,200 slot machines for both mass and VIP markets, and a 960 space parking lot.