SunCity Group Holdings has revealed that its payment of $200 million to secure the project site for Westside City Resorts World will be completed around late March.
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.
Under its Co-Development Agreement with Westside Resorts, Suncity is required to pay a consideration of $200 million.
In its filing on Tuesday, Suncity said this will involve a refundable deposit of US$20 million, which will be paid on or before January 31, 2020.
The balance will be paid within 10 days on which the conditions precedent until the Co-Development Agreement are fulfilled.
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.
Four workers from Mainland China threatened to jump from a building under construction as part of Galaxy Entertainment's Phase 3 & 4 expansion project due to a labour dispute. The Fire Department persuaded the workers to descend and no one was hurt in the incident.
Tomakomai Mayor Hirofumi Iwakura is stepping up his pressure on Hokkaido Governor Naomichi Suzuki to get behind the city’s desire to bid for an IR license. Iwakura has reiterated that the nine month delay in the national timeline should make a bid feasible.
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.