GGRAsia – Alliance Global affirms Philippines gaming a core business

Alliance Global affirms Philippines gaming a core business

Sep 16, 2014 Newsdesk Latest News, Philippines

The president of Alliance Global Group Inc – a Philippines conglomerate that is a joint venture investor in the Resorts World Manila casino resort (pictured) – says the firm will “remain focused on its core businesses”, including gaming.

“Rather than diversifying into other businesses, which may not be within our core competence, we will focus our energy on strengthening and growing our existing businesses,” said Kingson Sian, during a press conference following Alliance Global’s stockholders’ meeting on Tuesday according to a filing by the company to the Philippine Stock Exchange.

At the board meeting Mr Sian was confirmed as president, and Andrew Tan was confirmed as chairman and chief executive.

Alliance Global’s interest in Resorts World Manila is held via its Travellers International Hotel Group Inc venture with Genting Hong Kong Ltd.

Resorts World Manila is undergoing a US$650 million expansion that will “potentially double the number of hotel rooms as well as gaming capacity by 2017,” said Alliance Global in its filing.

The firm has declared cash dividends totalling PHP3.9 billion (US$89.1 million), equal to PHP0.38 per share.

It is payable on September 22 to all stockholders of record as of September 8, 2014. The cash dividends are being declared out of the unrestricted retained earnings of Alliance Global as of December 2013.