Over the past few months, tensions have risen between China and the Philippines, with the former asking the latter to stop the online casino industry.
Calls from within the Philippines have provided the basis for change in the Philippine gambling community, with several lawmakers trying to privatize and tax state-owned casinos.
None of the current initiatives seem to be very driven, but the industry continues to push ahead with them, and recent developments are very complex:
Hong Kong Sun City Group Holdings plans to operate a large casino resort in Manila, with plans to enter the casino gambling market in the Philippines.
The timing is ironic because the work period is long.
With the ongoing protests in Hong Kong and Beijing’s hostile view of Philippine gambling, it’s easy to see how all business can be seen in China’s eyes.
But Sun City managing director Andrew Law says political or protesting motives don’t work.
Instead, the reality is that the Philippine game market is the fastest growing in Southeast Asia, and Manila is the best destination for gamblers in neighboring countries.
“The best city to play games outside of Macau is Manila. Size, three international brands and facilities, airport. It’s pretty convenient,” Lo said.
To advance the project, SunCity acquired a majority stake in SunTrust Home Developers Inc., a Philippine company. SunTrust will build and manage both casino and resort facilities.
It is currently planning a main casino with about 400 table games, 1,200 slot machines, and other entertainment regulated by the Philippine gambling law.
It will also build a hotel section of about 400 rooms on the site leased by the West Side City Resort World Project.
The unrelated West Side City development includes large retail shopping centers and residential apartments, and adding casinos and hotel facilities will help add $1.89 billion in costs incurred by the project to date.
SUN CITY-SUN TRUST DEVELOPMENT COSTS HAVE NOT BEEN DISCLOSED, BUT IT NEEDS TO TAKE A LARGE PART OF THE EXISTING $4 BILLION OR MORE PHILIPPINE CASINO MARKET AND DRIVE NEW GROWTH IN THIS SECTION.
SunTrust shares jumped 37% on the Philippine Stock Exchange on Monday as a result of SunCity News. Trading in shares was suspended on Tuesday, although investors could resume trading in the near future.
By: 온라인바둑이