Local partner for Resorts World Manila injects US$75mln

Jun 16, 2022 Newsdesk Latest News, Philippines, Top of the deck  

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One of the partners in the Resorts World Manila casino resort (pictured) in the Philippine capital is to inject PHP4.0 billion (US$75.0 million) to support the expansion plans of the property’s operator, Travellers International Hotel Group Inc.

Local conglomerate Alliance Global Group Inc said in a Thursday filing to the Philippine Stock Exchange, that the funds “will be allocated for Travellers International’s ongoing expansion projects.” That followed an increase in business volumes at the latter’s leisure and entertainment segments, after the easing of quarantine restrictions in that nation, said the company.

The other controlling entity of Travellers International is Hong Kong-listed Genting Hong Kong Ltd.

In May, Travellers International reported first-quarter gross gaming revenue (GGR) of PHP6.5 billion, up 43 percent from a year ago. Net gaming revenues for the period rose by 25 percent year-on-year, to PHP3.9 billion.

From March 1, Metro Manila was placed under “alert level 1”, the lowest level of countermeasure against Covid-19, which allowed business to operate at full capacity.

In Thursday’s filing, Alliance Global said the Resorts World Manila complex was “now open” to meetings, incentives, conferences and exhibitions, while its hotels “accept more staycationers, further improving footfall in the area.”

The announcement comes as Alliance Global said it was allocating an aggregate of PHP60 billion for capital expenditures, as the group “prepares for a further improvement in economic activity with the anticipated increase in mobility.”

“We are a conglomerate in motion. We believe that with the sectors we are in, we will very much benefit from pent-up spending resulting from the further reopening of the economy,” said Kevin Tan, Alliance Global’s chief executive, in prepared remarks.

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