HONG KONG, June 19, 2020 /PRNewswire/ -- Suncity Group Holdings Limited ("Suncity" or the "Company", Hong Kong Stock Exchange code: 1383) would like to announce that Suntrust Home Developers, Inc. ("SunTrust", Philippines Stock Exchange code: SUN), a 51% owned subsidiary of the Company, was approved by the Securities and Exchange Commission of the Philippines ("SEC") to amend its primary and secondary purposes to allow SunTrust to focus on tourism-related businesses, denoting that through the participation in the Westside City Project, SunTrust is now a tourism and integrated resort operator listed on the Philippines Stock Exchange ("PSE").
The Philippines has shown tremendous growth in gross gaming revenue in the past decade. Westside City Project is located in the heart of Entertainment City, where the majority of land-based gaming revenue is derived from. Here in Suncity, the company understands the Filipino gaming market well. Suncity is working to build and develop a truly integrated resort that suits the customers' tastes. The approval by the SEC officially recognises SunTrust to be a tourism-related business company, a milestone for SunTrust to become a listed tourism and integrated resort operator through taking part in the Westside City Project.
The main casino hotel of the Westside City Project will have a total gross floor area of at least 182,000 sqm, and is expected to be in operations in Q4 2022. It will consist of approximately 400 gaming tables, approximately 1,200 slot machines, 400 five-star hotel rooms, 960 car park spaces, pool club & leisure club etc. The final product will be integrated with the shopping malls, theatres, restaurants, and shopping streets, etc. to be built by Westside City Resorts World Inc., which also includes 2,000 additional hotel rooms, a shopping mall, a Grand Opera House, restaurants and theatre district, and an additional of approximately 2,000 car park spaces.
Mr Chau Cheok Wa, Chairman of Suncity, said, "Suncity is laying down a solid growth blueprint. I am very excited to see the Company achieving one milestone after another. Firstly, in Vietnam, HOIANA is ready to be unveiled to the public as early as summer 2020; then, in Russia, Tigre de Cristal's Phase 1 upgrade will be up-and-running later in 2020; and now, SunTrust is finally a listed tourism and integrated resort company in the Philippines – very exciting times ahead for Suncity indeed."
About Suncity Group Holdings Limited (HKEx stock code: 1383)
Suncity Group Holdings Limited ("Suncity" or the "Group") is en-route to become a leading integrated resort operator in Asia. Originated from Macau, Suncity develops, operates and manages integrated resorts across Asia, including Vietnam, the Philippines, Russia, Japan and South Korea etc.
HOIANA is the first flagship integrated resort that Suncity jointly develop with our investment partners. Located in Central Vietnam, HOIANA is only 35 minutes away from the Danang International Airport and is located near to top tourist attractions in Danang and Hoi An. HOIANA is a world-class integrated resort with branded hotels, state-of-the-art gaming floors, multiple F&B restaurants, award-winning golf course and long pristine beaches.
Suncity is the single largest shareholder of Summit Ascent Holdings Limited (HKEx: 102), and participates in the development of future phases of Tigre de Cristal Resort in Vladivostok, Russia. Suncity is also the controlling shareholder of Suntrust Home Developers, Inc. (PSE: SUN), who is going to co-develop Westside City project in the heart of Entertainment City in Manila, the Philippines. The Group also offers consultancy services to large scale integrated resorts in Asia. In addition, the Group operates in the travel related product and services segment and the property segment.
Adhering to the spirit of "Innovating With Diversity, Striving For Success", Suncity Group spared no effort to develop entertainment and integrated resort products. Originated from Macau, Suncity Group actively explores integrated resort opportunities around the world.
For more information about the Group, please visit http://www.suncitygroup.com.hk/?lang=en
For Media & Investor Enquiries:
Suncity Group Holdings Limited – Investor Relations
Ms Winnie Lei
Tel: +852 2598 1180
Email: ir@suncitygroup.com.hk
Photo - https://photos.prnasia.com/prnh/20200619/2836039-1?lang=0
