The board of Alliance Global Group Inc (AGI) – a Philippines conglomerate that is a joint venture investor in the Resorts World Manila casino resort (pictured) in the Philippines – has declared cash dividends of PHP0.38 per share or a total of about PHP3.9 billion (US$89.1 million).
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 AGI as of December 2013.
“This is in line with AGI’s constant efforts to increase shareholder value as AGI has generously paid out dividends in the past three years – PHP0.36 per share in 2011 and 2012, and PHP0.38 last year,” said the company in a filing to the Philippine Stock Exchange on Tuesday.
“We are happy to share as dividends with our shareholders about 23 percent of our 2013 net profit attributable to owners of AGI,” added chairman Andrew Tan in the prepared statement.
AGI recently announced consolidated group earnings of PHP11.4 billion in the first six months of this year, up 1.2 percent from the same period last year. PHP7.5 billion was attributable to AGI.
Alliance Global’s interest in Resorts World Manila is held via its Travellers International Hotel Group Inc venture with Genting Hong Kong Ltd. The latter on Friday reported its own half-year results.
Genting Hong Kong’s share of profit from Travellers International totalled US$27.8 million, compared with US$26.6 million in first half 2013. The slight improvement was “primarily due to the improvement in Travellers’ operating expenses on cost management initiatives,” said Genting Hong Kong.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia