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.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Covid-19 forced the rapid and unexpected closure of venues across Australia, changing the operating environment with unprecedented speed and leaving managers scrambling to adapt...
SJM Holdings has appointed Toh Hup Hock as chief financial officer, replacing Robert Earle McBain who is retiring. Toh joined SJM in October, prior to which he was CFO of Shangri-La-Asia and Sands China.
In a New Year message, the Suncity Group let drop that, in addition to other projects it has previously announced, it is also engaged in building a luxury resort in the ski resort of Niseko, Hokkaido.
MGM China said it currently has no plans to restructure its operations, responding to a letter from investor Snow Lake Capital urging the company to sell a 20 percent stake to a Chinese internet or leisure firm.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
