Phase 3 of the Resorts World Manila casino resort (pictured) in the Philippine capital will have additional gaming space, the joint venture in charge of the project confirmed in a filing on Monday.
There will also be additional hotel capacity in Phases 2 and 3, said Travellers International Hotel Group Inc in a progress report filed with the Philippine Stock Exchange.
The local gaming regulator the Philippine Amusement and Gaming Corp (Pagcor) uses a licensing formula for private sector casinos that links the amount of hotel accommodation provided in such schemes to the amount of gaming tables and slots allowed in a project.
A total of PHP6 billion (US$134.4 million) of the PHP16.8 billion net proceeds raised by Travellers International in an initial public offering in 2013 had been spent or earmarked for extensions to the Resorts World Manila casino resort as of December 31.
A further PHP259.8 million from the IPO proceeds has been set aside for general corporate purposes, added the filing.
Travellers International is a joint venture between Philippine-based Alliance Global Group Inc and Genting Hong Kong Ltd for the purposes of investing in private sector casino developments in the Philippines. Resorts World Manila, their first effort, had a first phase opening in 2009.
Their second scheme – the US$1.1 billion Bayshore City Resorts World – broke ground in the autumn and is due to open in the final quarter of 2018, according to a Travellers International statement on October 1.
Monday’s progress report said Phase 2 Resorts World Manila included construction of the Marriott Grand Ballroom (a ballroom and convention centre with a planned seating capacity of up to 4,000); the Marriott West Wing (an expansion of Marriott Hotel Manila that will cater primarily to VIP guests and Marriott rewards members) and “related facilities, such as an underground parking lot, dining facilities and a golfer’s terrace,” that will be managed by Marriott Hotels International BV.
As of December 31, 2014, PHP3.3 billion from the offering proceeds were released and used for this purpose, said the filing. It didn’t give a completion date for the Phase 2 works. But in a filing in October, the firm mentioned Phase 2 as providing 227 extra rooms, and being ready by the end of 2015.
Travellers International’s Phase 3 expansion for Resorts World Manila involves the extension of Maxims Hotel, and the addition of two new hotels to be managed respectively by Hilton Hotels and Resorts and by Starwood Hotels and Resorts; the latter under the Sheraton Hotel brand.
There would also be “construction of related facilities such as underground parking lots and a podium to house the gaming area and retail,” added the filing.
As of December 31, PHP2.7 billion from the offering proceeds had been dedicated for Phase 3. The October filing said Phase 3 was due for completion by 2017.
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