Philippine conglomerate Alliance Global Group Inc (AGI), the parent of the Newport World Resorts casino complex in Manila, says it plans to allocate PHP10 billion (US$171.6 million) this year for the “ongoing expansion” of the property, as well as for the development of the commercial areas of a separate hotel casino project, located at Westside City, also in the Philippine capital.
The latter project is being developed in partnership with Suntrust Resort Holdings Inc, a subsidiary of Hong Kong-listed casino investor firm LET Group Holdings Ltd. The venue is scheduled to commence operations in the first quarter of 2025.
Alliance Global said in a press release on Thursday that its subsidiary Travellers International Hotel Group Inc, the owner and operator of Newport World Resorts (pictured), would use PHP10 billion this year “for its ongoing expansion projects, mainly within its Newport World Resorts complex”.
It added that Travellers International was “currently refurbishing the Newport Mansion, a new hospitality haven that will feature all-suite rooms, garden villas, and bay suites”.
According to Alliance Global, part of Travellers International’s capital expenditure budget would be used for “the development of the commercial area in Westside City, including the construction of the Grand Opera House, theatres, and cinemas”.
Newport World Resorts, previously known as Resorts World Manila, opened in 2009 as a joint venture between Alliance Global and Genting Hong Kong Ltd, an operator of casino cruise ships and a subsidiary of the Genting group.
Genting Hong Kong entered liquidation in January 2022. Subsequently, a statement in July 2022 announced that Resorts World Manila would be rebranded as Newport World Resorts. In May last year, Alliance Global disclosed its acquisition of Genting Hong Kong’s stake in Newport World Resorts.
Last month, Alliance Global confirmed a leadership change at Newport World Resorts, attributing it to the conclusion of a “year-long transition plan”, following Alliance Global’s full acquisition of the business. The announcement confirmed that several executives previously linked to Genting Hong Kong had left their posts at Newport World Resorts.
Gross gaming revenues for Travellers International rose by 7 percent to “a new high” of PHP34.2 billion in full-year 2023, said Alliance Global in April. Newport World Resorts currently has five international hotel brands: Marriott Manila Hotel, Sheraton Manila Hotel, Hilton Manila, Hotel Okura Manila, and Holiday Inn Express Manila.
Alliance Global’s plan to invest PHP10 billion in its casino resort projects were part of an announcement on the conglomerate’s planned capital spending for 2024. The group, led by local tycoon Andrew Tan, said it was allocating capital expenditure this year of PHP75 billion, an increase of 19 percent from its actual spend of PHP63 billion in 2023.
Alliance Global’s other business interests include real estate development, spirits manufacturing, and fast-food restaurants.
