The outstanding balance of the PHP16.76-billion (US$335.1-million) net proceeds from a 2013 initial public offering (IPO) by Philippine casino operator Travellers International Hotel Group Inc were disbursed in the fourth quarter of 2016, according to a Friday filing from the firm to the Philippine Stock Exchange.
The group’s outgoings for the final three months of 2016 in relation to the IPO cash amounted to PHP47.51 million.
The firm – a venture between local conglomerate Alliance Global Group Inc and Hong Kong-listed Genting Hong Kong Ltd – operates the Resorts World Manila property (pictured) near Manila Ninoy Aquino International Airport in the Philippine capital.
Friday’s filing added that the phase two expansion of Resorts World Manila – including the completion of the west wing of the Marriott hotel – had used PHP7 billion of the IPO proceeds, and had been fully disbursed by December 31, 2016.
Phase three – including expansion of Maxims Hotel and two new hotels, namely a Hilton Hotel and a Sheraton Hotel – had received PHP9.5 billion from the IPO funds by December 31.
The firm’s third-quarter results filing in November said the third phase was due to be operational by 2018.
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Vitaly Umansky, Kelsey Zhu and Tianjiao Yu
Analysts at brokerage Sanford C. Bernstein