Travellers International Hotel Group Inc said it has allocated about PHP1.1 billion (US$25.2 million) of its initial public offering proceeds for the expansion of its Resorts World Manila casino venue (pictured).
The company plans to double the size of the integrated resort’s gaming, hotel and retail facilities once completed in 2017.
Travellers International is a joint venture between Philippines-based Alliance Global Group Inc and Genting Hong Kong Ltd, a subsidiary of Malaysia’s Genting Bhd.
Travellers International got PHP16.8 billion in net proceeds from its IPO in November 2013.
Resorts World Manila opened in 2009 and it is currently being extended. The second phase, which includes the expansion of the Marriott Hotel Manila and the addition of 227 rooms, should be ready by the end of 2015.
As of June 30, PHP687.5 million from the offering proceeds had been allocated for the construction of phase 2, the company said in a regulatory filing on Thursday.
A total of PHP424.6 million has been disbursed for phase 3, which will comprise a new gaming area and two new hotels – the Hilton Manila and the Sheraton Hotel Manila, Travellers International said. Phase 3 is due to be completed by 2017.
In a filing to the Philippine Stock Exchange in June, Travellers International had said it would allocate PHP9 billion during 2014 for the expansion of Resorts World Manila. The two phases are forecast to cost a total US$650 million.
