Suncity Group has announced its subsidiary, SunTrust Home Developers Inc, has signed a 20-year lease agreement with Travellers International Hotel Group and Westside to develop and operate its casino hotel.
The agreement comes as part of moves by Suncity to operate a casino in the Philippines, which began in October last year when Suncity acquired a controlling stake in SunTrust for the rights to build a five-star hotel with at least 400 rooms, a casino with 400 gaming tables, and 1,200 slot machines for both mass and VIP markets, and a 960 space parking lot.
Under the lease agreement, Suntrust will pay an annual rental fee of US$10.6 million, commencing on the first day of commencement of the casino and payable in two installments on a semi-annual basis.
The lease agreement is set to run until 19 August 2039 but can be further extended for a period not less than 25 years unless otherwise agreed upon by both parties.
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