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.