Travellers International Hotel Group Inc said it has so far allocated about PHP10.86 billion (US$236 million) of the proceeds from an initial public offering (IPO) to the expansion of its Resorts World Manila casino resort (pictured).
The company invested PHP2.05 billion in the expansion of the resort during the third quarter of 2015, it said in a filing on Thursday. Total spending on enlargement of the property since the firm’s November 2013 IPO represents 64.8 percent of the PHP16.76 billion net proceeds, the company said.
Travellers International is a venture between Philippines-based Alliance Global Group Inc and Genting Hong Kong Ltd, a subsidiary of Malaysia’s Genting Bhd.
The partners plan to double the size of the Manila integrated resort’s gaming, hotel and retail facilities once the physical infrastructure expansion is completed in 2017.
The second phase of the property, which includes the enlargement of the Marriott Hotel Manila and the addition of 227 rooms, should be ready by the first quarter of 2016, Travellers International said in a filing in August.
As of September 30, PHP5.78 billion from the offering proceeds were used for the hotel expansion, accounting for 82.2 percent of the planned investment in the second phase, the firm added.
A total of PHP5.08 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 has pledged to invest a further PHP4.39 billion in the third phase of the casino resort, it said in Thursday’s filing.
DBP-Daiwa Capital Markets Philippines Inc said in a note last month that Resorts World Manila is also building a pedestrian walkway connecting the venue to Manila’s main international airport, which will allow “for a convenient and short walk between the country’s main port of entry and the casino resort”.
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