Improvement of Suncity Group’s US$1 billion Manila lodge and on line casino venture will proceed as deliberate regardless of the arrest of Suncity Chairman Alvin Chau this week, in keeping with the group’s Philippines subsidiary.
In response to queries from the Philippine Inventory Change, Suntrust Residence Builders Inc, which is 51% owned by Suncity, mentioned it “doesn’t count on that the problem surrounding Mr Chau … can have any direct materials hostile influence on the monetary place, enterprise or operations,” of the corporate.
“Suntrust presently doesn’t have business operations and the development of its 5-star lodge and on line casino advanced is progressing as scheduled.
“On the time of this announcement, the above improvement is just not anticipated to have a fabric influence on the timeline of the development.”
Suntrust added that it presently boasts money and money equivalents of round Php7.7 billion (US$152.8 million) to assist speedy development and dealing capital necessities.
Chau was arrested by Macau authorities on Saturday and was despatched to Coloane Jail on Monday to await trial for alleged felony affiliation, unlawful playing and cash laundering. The Public Prosecutor’s Workplace has alleged Chau established a web-based betting platform within the Philippines which provided proxy betting companies to clients in mainland China, then funnelled proceeds to financial institution accounts held by Macau-based corporations.
Chau this week stepped down as Chairman and director of both Suncity Group and Summit Ascent Holdings, though neither is instantly linked to Suncity Gaming Promotion Firm Restricted, the entity wholly-owned by Chau that operates Suncity-branded junket rooms.
Due for completion in 2024 and a part of the Westside Metropolis Resorts World venture in Manila’s Leisure Metropolis, Suntrust’s hotel and casino will incorporate a 450-room lodge, a on line casino boasting 400 gaming tables and 1,200 slot machines, a brand new lodge model by Suncity and a number of leisure choices.
