The Suncity Philippine subsidiary, SunTrust Home Developers, offloaded several non-gambling assets to its local partner. According to a stock exchange filing, Asian E-Commerce will acquire SunTrust’s 24.27 percent stake in the FOPM Group. Also, Megaworld Corporation owns 50 percent of the Asian E-Commerce Inc.
The FOPM Group comprises transportation company CityLink and real estate management company First Oceanic Property Management. Furthermore, Suncity Group has a 51 percent ownership stake in SunTrust as part of its 2019 deal with Megaworld and Travelers International Hotel Group. According to online casino software reports, the latter is the operator of Resorts World Manila.
They formed Suntrust to develop and operate the casino and hotel at the Westside City Resorts World. At present, Megaworld has a 34 percent stake in SunTrust. Also, the casino resort project will likely open in 2023. It has 1,200 slot machines, 400 tables, and more than 400 hotel rooms offering five-star accommodation.
Suncity Philippine Subsidiary Offloads Some Assets
According to live casino software sources, Suncity sold its non-gaming businesses in the Philippines to focus and deploy its resources on gambling. The main business of the FOPM Group is unrelated to the casino and the gaming industry in the country.
The group will use the proceeds of the sale as working capital for the Main Hotel Casino. Also, some of the funds will go towards its construction. At present, SunTrust is developing the casino with the help of Megawide Construction Corp.
Last February, Megawide Construction Corp. signed a deal to develop the Westside City Resorts World project. Its scope of work includes the initial works, including pile cap, lateral support, and excavation. Also, the contract included the construction of the basement substructure, superstructure, and finishes.
According to sportsbook pay per head reports, Suncity envisions Westside City as a world-class township. It is found within the Entertainment City and will offer hotel, retail, and gaming options.