• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Travellers allocates US$205 mln for expansion in 2014

Jun 13, 2014 Newsdesk Latest News, Philippines, Top of the deck  


Travellers allocates US$205 mln for expansion in 2014

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.


  • tweet
Related articles
  • Genting HK terminates sale-leaseback deal on cruise vessel
    Genting HK terminates sale-leaseback...

    Jan 04, 2021  

  • Macau govt leaves door open to casino concession extension
    Macau govt leaves door open to casino...

    Dec 23, 2020  

More news
  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  

  • Mass market play record 65pct Macau GGR in 4Q: govt
    Mass market play record 65pct Macau GGR...

    Jan 15, 2021  


Latest News

CNY 2021 unlikely to boost Macau casinos, say observers

CNY 2021 unlikely to boost Macau casinos, say observers

Jan 15, 2021  

Recent advisory notices issued by a number of local authorities in mainland China, calling on residents not to travel during the February Chinese New Year (CNY) break, further clouds the prospects...
Read More
Mass market play record 65pct Macau GGR in 4Q: govt

Mass market play record 65pct Macau GGR in 4Q: govt

Jan 15, 2021  

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Malaysia Covid outlook negative to Genting Bhd: Moody’s

Jan 15, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”

Vitaly Umansky, Kelsey Zhu and Tianjiao Yu

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Guangdong govt advises public to stay in province for CNYGuangdong govt advises public to stay in province for CNY January 11, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Revamped Nüwa hotel reopens Feb 8, says City of DreamsRevamped Nüwa hotel reopens Feb 8, says City of Dreams January 12, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us