Casinos may mostly be closed in the Philippines right now, but a couple of different groups are hoping that their investments will return great dividends when the sector can return to glory. Suntrust Home Developers, a firm owned by Suncity Group Holdings, has invested into a casino hotel plan for Manila, while PH Resorts Group Holdings Inc is looking forward to their Cebu-area casino opening in 2022, but teases it could be sooner.

More money for the Westside

Suntrust have announced they will be borrowing P7.3 billion ($147.8 million) from Suncity to invest in the Westside City Project. The loan, bearing 5.25% interest annually, will allow Suntrust to increase its 51 percent ownership of Fortune Noble to 74.42%. It does so through a subscription of P7.3-billion worth of convertible bonds to be issued by the Philippine entity.

Alvin Chau Cheok Wa , who has a controlling interest in Suncity, has previously said they hope to see a ground-breaking ceremony on the project “soon.” Those comments came during a June 11 filing, so they likely took into account the current Covid-19 pandemic.