Genting Hong Kong Ltd has formally disposed of its remaining stake in the operator of the Newport World Resorts casino complex and associated firms. That was more than three years after agreeing to dispose of its interest in the Manila project to long-standing joint venture partner Alliance Global Group Inc.
According to a Wednesday filing with the Philippine Stock Exchange, Alliance Global subsidiary Newport World Resorts Properties Inc (NWRPI) assumed ownership of the shares held by Star Cruises Philippines Holdings BV, Asian Travellers Ltd and Premium Travellers Ltd in resort operator Travellers International Hotel Group Inc.
The transfer also included stakes in Travellers International subsidiary Westside City Inc, as well as in Adams Properties Inc.
The filing stated that all conditions under the share purchase agreement – signed in May 2023 – had now been been satisfied, with the shares “successfully transferred” to NWRPI.
Genting Hong Kong – part of Malaysian conglomerate Genting Bhd and formerly a cruise casino operator – entered liquidation in January 2022, following the insolvency of a German shipbuilding company it controlled, which in turn triggered cross-default events across the group.
In May 2023, Alliance Global disclosed its acquisition of Genting Hong Kong’s stake in Newport World Resorts.
The financial terms of the transaction were never announced publicly.
Travellers International is also involved in the development of the US$1.25-billion Westside Resort in Manila, including a casino.
Alliance Global said in its latest filing that completion of the deal meant Genting Hong Kong had “fully divested its investments” in all of the Philippine conglomerate’s subsidiaries and no longer held, directly or indirectly, any equity interest in those entities.
The transaction ended a partnership that began in 2009 with the opening of what was then known as Resorts World Manila.
In July 2022, it was announced that Resorts World Manila would be rebranded as Newport World Resorts.
Under the original joint venture, Alliance Global held a 60 percent stake in the project, while Genting Hong Kong owned the remaining 40 percent.
