GGRAsia – Spend on Phase 2 Resorts World Manila nearly complete

Spend on Phase 2 Resorts World Manila nearly complete

Jan 18, 2016 Newsdesk Latest News, Philippines, Top of the deck

A total of 89 percent of initial public offering (IPO) capital – and money from an over allotment option of common shares – allocated for the phase two expansion of the Philippines casino property Resorts World Manila (pictured) had been spent as of the end of the fourth quarter, said a progress report from its operator.

The phase two programme includes the Marriott Grand Ballroom – a ballroom and convention centre with seating for up to 4,000 people; 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 Friday by Travellers International Hotel Group Inc.

The firm – a venture between Philippines-based Alliance Global Group Inc and Genting Hong Kong Ltd – had an IPO in November 2013 that raised total net proceeds of PHP16.8 billion (US$351.8 million).

As of December 31, 2015, PHP6.3 billion from the offering proceeds were released and used for phase two of Resorts World Manila, out of approximately PHP7.0 billion allocated for that purpose, said Travellers International in its Friday update.

Phase two also includes an underground parking lot, dining facilities and a golfer’s terrace, which will be managed by Marriott Hotels International BV.

The filing added that around 65 percent – or approximately PHP6.2 billion – of the approximately PHP9.4 billion allocated from the IPO for phase three of Resorts World Manila had also been allocated.

Phase three involves the expansion of Maxims Hotel, and two new hotels to be managed by Hilton Hotels and Resorts and the Sheraton brand of Starwood Hotels and Resorts.