Hong Kong’s Suncity unveils plans to operate Philippine’s casino-resort

29.10.2019 - Korneychuk Evgeniya
Hong Kong’s Suncity unveils plans to operate Philippine’s casino-resort

Hong Kong’s Suncity unveils plans to operate Philippine’s casino-resort

Hong Kong’s Suncity Group Holdings Ltd unveiled plans on Tuesday to enter the fast-growing gambling market in the Philippines along with a deal to operate a casino and resort in the country’s version of the Las Vegas strip.

The deal marks Suncity’s first step in tapping Manila’s gaming industry which has attracted foreign entrants and generated tax revenue.

Suncity said in a statement that it has acquired a majority stake in the Philippines’ Suntrust Home Developers Inc, which plans to co-develop and  later manage and operate a five-star hotel and casino in Manila.

“Outside of Macau, the most decent city for gaming is Manila because of scale, three international brands and facilities, airport. Quite convenient,” said Andrew Lo, executive director at Suncity.

The Philippines’ gross gaming revenues rose 14% to 120.48 billion pesos ($2.36 billion) in the first half, government data showed.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?