Local partner for Resorts World Manila injects US$152mln

Mar 02, 2022 Newsdesk Latest News, Philippines, Top of the deck  

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One of the joint venture partners in the Resorts World Manila casino resort (pictured) in the Philippine capital is to put PHP7.8 billion (US$152 million) into the property’s operator, Travellers International Hotel Group Inc, to increase its paid-up capital.

Local conglomerate Alliance Global Group Inc said in a Tuesday filing to the Philippine Stock Exchange, that its move would “augment the working capital” of Travellers International, and allow the gaming and hotel business at Resorts World Manila to “keep current with its obligations and catch the window of business recovery with the easing of Covid-19 restrictions”.

The announcement comes a few weeks after the other partner in Travellers International, Hong Kong-listed casino cruise ship operator Genting Hong Kong Ltd, said it would be entering liquidation.

Alliance Global’s statement also coincides with the Philippines government reducing to the least-restrictive “alert level 1″ – with effect from Tuesday – Covid-19 countermeasures in 39 areas, including Metro Manila.

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