SunTrust, Subsidiary of Suncity Group Holdings Limited (1383.HK), Approved by SEC as A Tourism Business Listed on PSE
On June 19, Suncity Group Holdings Limited (1383.HK) announced that its subsidiary SunTrust, co-developer of Westside City Project in Entertainment City in Manila, Philippines, was approved by the Securities and Exchange Commission of the Philippines (“SEC”) to amend its primary and secondary purposes to allow SunTrust to focus on tourism-related businesses, denoting that SunTrust is now a tourism and integrated resort operator listed on the Philippines Stock Exchange (“PSE”).
The Philippines has shown tremendous growth in gross gaming revenue in the past decade. Westside City Project is located in the heart of Entertainment City, where the majority of land-based gaming revenue is derived from. With thorough understanding of the Filipino gaming market, Suncity Group is working to build and develop a truly integrated resort that suits our customers’ tastes. The approval by the SEC officially recognises SunTrust to be a tourism-related business company, a milestone for SunTrust to become a listed tourism and integrated resort operator through taking part in the Westside City Project.
The main hotel of the Westside City Project will have a total gross floor area of at least 182,000 sqm, and is expected to be in operations in Q4 2022. It will consist of approximately 400 five-star hotel rooms, 960 car park spaces, pool club & leisure club etc. The final product will be integrated with the shopping malls, theatres, restaurants, and shopping streets, etc. to be built by Westside City Resorts World Inc., which also includes 2,000 additional hotel rooms, a shopping mall, a Grand Opera House, restaurants and theatre district, and an additional of approximately 2,000 car park spaces.
Alvin Chau, Chief Executive Officer and Director of Suncity Group expressed his excitement in the Group achieving one milestone after another. With the integrated resort HOIANA in Vietnam ready to be unveiled this summer and Phase 1 upgrade of Tigre de Cristal in Russia up-and-running later in 2020, plus SunTrust finally listed as a tourism and integrated resort company in the Philippines, there will surely be very exciting times ahead for Suncity.