Suntrust's 20-year casino hotel deal | Business | Daily Tribune

Monday 24th February 2020

Suntrust Home Developers Inc. entered into a 20-year lease agreement with Tan-led Travellers International Hotel Group Inc. (TIHGI) and its unit Westside City Resorts World, Inc. to develop the 31-hectare Westside City Resorts World casino and hotel.

In a filing to the Hong Kong Stock Exchange by the Suncity Group Holdings Ltd., which recently acquired 51 percent of Philippine Stock Exchange-listed Suntrust, it said the lease term will take effect from the handover of the project site to Suntrust until 19 August 2039.

Under the agreement, signed on 21 February 2020, Suntrust will pay an annual rental fee of $10.6 million in two installments on a semi-annual basis.

The fee was determined via the assessment of an independent valuer on the indicated market value of the project site at $340 million, Suncity said.

The lease will automatically renew for another 25 years subject to applicable laws unless otherwise agreed upon by the parties.

"The lease agreement is subject to conditions precedent, including obtaining by Suncity Group of the necessary approval of its shareholders to the lease agreement and the transactions contemplated thereon," Suntrust said in a disclosure to the local stock exchange Monday.

The lease is part of the co-development agreement between Westside and Suntrust wherein Westside and TIHGI will lease the project site for the main hotel and casino of the Westside City Resorts World for Suntrust's development. TIHGI also runs Resorts World Manila.

Megaworld is allotting P121 billion to build the integrated resort and casino within the Entertainment City in Parañaque City.

Source

Best New Customer Offers

Bonus up to £1000 + 1000 LV Spins

Welcome Package

18+. New customers only. Welcome bonus is valid for first 4 deposits. Min. deposit £10. Wagering requirement 35x. Max bonus: £200 (100%) + £200 (50%) + £500 (25%) + £100 (200%). Max. spins: 200 + 200+ 500 +100 Spins. Full terms apply.

Bonus up to £200 + 100 Free Spins

Welcome Package

18+. New players only. Min Deposit £10. Welcome package splits over 3 deposits. 35x wagering requirement applies to match up bonus. Offer valid for 1 week. 100 spins split to 20 spins a day for 5 days. 50x wagering applies to spins. Full terms apply.

We use cookies and other tracking technologies to improve your browsing experience on our website, to show you personalized content and targeted ads, to analyze our website traffic, and to understand where our visitors are coming from. By browsing our website, you consent to our use of cookies and other tracking technologies. View more
Agree & Continue