Jul 18, 2016 Newsdesk Latest News, Philippines, Top of the deck  
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.
Jun 01, 2023
May 31, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31