Suncity moves quickly to secure Manila IR site

Hong Kong-listed Suncity Group aims to speed up the payment of $200 million to secure the project site for its proposed five-star hotel and casino complex, Westside City Resorts World, to be developed at Entertainment City, Manila.

The $200 million payment is for the use of the project site and for the reimbursement of certain costs incurred.

Suncity has requested the Hong Kong Stock Exchange to excuse the company from calling a shareholder meeting to vote on the payment.

In October, Suncity acquired a controlling stake in a Philippines company called SunTrust Home Developers 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.