Suncity deposits additional US$46 million deposit for Manila project

The Suncity Group Holdings has provided an additional US$46 million deposit, through its Philippines subsidiary Suntrust Home Developers, to Westside City Resort World, a subsidiary of Travellers International Hotel Group.

In February, Suncity announced that SunTrust had signed a twenty-year lease agreement with Westside to develop and operate its casino hotel.

Last October, Suncity acquired a controlling stake in SunTrust for the rights to build 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.

Under the lease agreement, Suntrust will pay an annual rental fee of US$10.6 million, commencing on the first day of commencement of the casino and payable in two installments on a semi-annual basis.

The lease agreement is set to run until August 19, 2039, but can be further extended for a period not less than 25 years unless otherwise agreed upon by both parties.