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.
Jan 22, 2018Landing International Development Ltd, the promoter of the Jeju Shinhwa World resort on South Korea’s Jeju Island, is working to attract independent travellers from North and Southeast Asia via...
Jan 22, 2018
Jan 22, 2018
Dec 29, 2017It could be 2024 before a casino resort is opened in Japan,...
Dec 27, 2017The year 2017 could prove to have been a turning point in...
Oct 25, 2017The deployment of radio frequency identification (RFID)...
”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia