Summit Ascent has made an agreement to loan HK$930 million (US$120 million) to Philippines-listed SunTrust Home Developers for the construction of a hotel and casino development in Entertainment City.
Major and Connected Transaction: The Loan Agreement (filing)
A general meeting of the Wakayama IR Promotion Council held last weekend passed a resolution urging the prefectural government to make its decision on an IR operator partner as soon as possible.
Suncity Group has been expanding its entertainment-related businesses through Sun Entertainment Culture to support local film, television, entertainment and arts-related projects in Macao and the Mainland.
Suncity Group Holdings says it’s putting cost cutting initiatives in place to enable its flagship Hoiana resort in Vietnam to ride out the pandemic storm and continues to explore international opportunities.
SunCity Group said its Hoiana integrated resort in Vietnam has generating revenue of $4.8 million since its preview in June last year and had an adjusted EBITDA loss of about $32 million.
SunCity’s Philippines subsidiary, Suntrust Home Developers is doubling down on its Philippines casino business by offloading its non-core property business.
Summit Ascent Holdings, operator of Tigre De Cristal in Vladivostok said it swung the second half of 2020 to a positive adjusted EBITDA and net profit, thanks mainly to strong local demand.
Hong Kong-listed Suncity Group Holdings on Monday said it expects to record a profit for the year ending December 31, 2020, despite a 67.4 percent decrease in revenue in the year.
Suncity Group said it expects to record a profit attributable to shareholders of the Company of approximately RMB750.4 million as compared to the loss attributable to shareholders of the Company of RMB1,484.3 million for 2019.
Suncity Group is engaged in various promotional activities aimed at bringing more local people to visit its local office in Wakayama, including a “Lucky Day” event to be held later this month.
Suncity Holdings is unrolling a series of small events under the framework of “Wakayama IR 2.0 Ambassador Program 2021 Spring” to engage with the local community as it seeks to partner with the local government on an IR bid.