Philippines casino property Resorts World Manila (pictured) – which had a first phase opening in August 2009 – is to build a pedestrian walkway connecting the venue to Manila’s main international airport, says a note issued on Monday by investment analysts.
“Resorts World Manila is… building a walkway that should finally connect Phase 1 to the newer areas [of the casino resort]. This will further extend into Terminal 3 of the Ninoy Aquino International Airport, allowing for a convenient and short walk between the country’s main port of entry and the casino resort,” wrote Laarni Limkin and Patricia Tamase of DBP-Daiwa Capital Markets Philippines Inc.
Although Resorts World Manila is only a stone’s throw from the airport, a busy highway separates the transport hub from the casino property. Customers arriving by air currently have to take a taxi that travels in the direction of downtown Manila and is then required to make a u-shaped detour to drop passengers at Resorts World Manila.
DBP-Daiwa’s note additionally stated that the casino resort’s Marriott Grand Ballroom – which opened last July as part of extension works to the property – was likely to hold in November some dinners during a plenary meeting of the Asia-Pacific Economic Cooperation forum. The club of 21 economies from around the Pacific Rim – including the People’s Republic of China and the United States – aims to promote free trade across the Asia-Pacific region.
Travellers International Hotel Group Inc, a venture between Philippine-based Alliance Global Group Inc and Genting Hong Kong Ltd, developed and operates Resorts World Manila.
The second phase of the property, which includes the enlargement of the Marriott Hotel Manila and the addition of 227 rooms, should be ready by the first quarter of 2016, Philippines-listed Travellers International said in a filing in August.
A third phase of Resorts World Manila will include more gaming space and two new hotels to be managed by Hilton Hotels and Resorts and the Sheraton brand of Starwood Hotels and Resorts.
Travellers International reported a 46.4-percent decline year-on-year in net profit for the three months to June 30. Analysts at Morgan Stanley Research Asia Ltd cited higher promotional allowances and direct costs incurred by the operator as factors.
Management at Travellers International said last month it hoped to expand Resorts World Manila’s membership base to 3 million customers by the end of the year.
Travellers International broke ground in October for its US$1.1-billion property called Bayshore City Resorts World at Manila Bay. The project is likely to be completed in the fourth quarter of 2018, it said in August’s filing.
Mar 05, 2021Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Mar 05, 2021
Mar 05, 2021
“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"
Junling Tan, Yu Sheng Tay and Vikas Halan
Analysts at credit rating agency Moody’s Investors Service