Travellers International Hotel Group Inc said it is allocating up to 9 billion pesos (US$205 million) in 2014 for the expansion of its Resorts World Manila, planning to add more gaming areas and hotel rooms.
The casino operator ended 2013 in a net cash position of 8.1 billion pesos, which will enable it to fast track the Phase 2 and Phase 3 projects, the company said on Friday after its annual shareholders’ meeting. The two phases are forecast to cost a total US$650 million.
Travellers International Hotel Group Inc is a joint venture between Philippine-based Alliance Global Group Inc and Genting Hong Kong Ltd, a subsidiary of Malaysia’s Genting Bhd.
The company’s total gross revenues reached 33.4 billion pesos in 2013. Gross gaming revenues (GGR) contributed 30 billion pesos of 2013 revenues.
In the first quarter of 2014, the company posted a profit of 1.72 billion pesos, up from 995.4 million pesos a year earlier, though its GGR fell by 23.4 percent to 7.21 billion pesos.
Resorts World Manila opened in 2009 and it is currently being expanded. The second phase, which includes the expansion of the Marriott Hotel Manila and the addition of 227 rooms, should be ready by the end of 2015.
Phase 3 will comprise a new gaming area and two new hotels – the Hilton Manila and the Sheraton Hotel Manila, Travellers said in the statement. The third phase is scheduled to be completed by 2017.
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"The President [Rodrigo Duterte] had already decided and announced that no construction of a casino on Boracay will be allowed”
Secretary Eduardo Año
Officer-in-charge at the Philippine Department of Local and Interior Government