Travellers International Hotel Group Inc says it has completed the investment of the proceeds from an initial public offering (IPO) earmarked for phase two of the expansion of the Philippines casino property Resorts World Manila (pictured). The company allocated approximately PHP7.03 billion (US$150 million) for the second phase of its expansion plan as of June 30, 2016.
Phase two includes the Marriott Grand Ballroom – already in operation – and the Marriott West Wing, an expansion of the Marriott Hotel Manila “that will cater primarily to VIP guests and Marriott rewards members,” said a progress report issued on Monday by Travellers International.
The company as so far invested about PHP15.77 billion in the expansion of the resort, including phase two and three. Total spending on enlargement of the property since the firm’s November 2013 IPO – and money from an over allotment option of common shares – represents 94.1 percent of the PHP16.76 billion net proceeds, the company said.
Travellers International – a venture between Philippines-based Alliance Global Group Inc and Genting Hong Kong Ltd – plans to double the size of the Manila property’s gaming, hotel and retail facilities once the physical infrastructure expansion is completed in 2017.
A total of PHP9.45 billion from the IPO proceeds have been assigned to the third phase of Resorts World Manila. That will include more gaming space and two new hotels. Travellers International had allocated PHP8.74 billion for the third phase of the expansion plan as of June 30, it said in Monday’s filing.
Travellers International is currently developing another casino project for Entertainment City in the Philippines capital Manila. The company confirmed last month that the opening of its new casino resort would be pushed back to 2020.
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Gross gaming revenue produced by the Philippine casino sector in the second quarter