Travellers to jumpstart construction of Bayshore City
Travellers International Hotel Group Inc said it will “jumpstart construction” of the US$1.1 billion Bayshore City Resorts World this month. The company said site development for the casino resort at Manila’s Entertainment City has already started.
“Actual construction and development will start within the year. The integrated resort is projected to open in the fourth quarter of 2018,” Travellers International said in a filing to the Philippine Stock Exchange on Wednesday.
The company is a joint venture between Philippine-based Alliance Global Group Inc and Genting Hong Kong Ltd, a subsidiary of Malaysia’s Genting Bhd. Alliance Global, one of the Philippines’ biggest conglomerates, had reshuffled its casino holdings earlier this year.
Travellers International already operates the Resorts World Manila casino resort near Manila International Airport. The casino resort had a first phase soft launch in August 2009 and is currently being expanded.
Wednesday’s update followed an announcement that Travellers International had subscribed to 3.23 billion shares of Resorts World Bayshore City Inc, the developer of Bayshore City Resorts World. Travellers International increased its stake in the latter company to 95 percent.
The casino developer paid PHP4.04 billion (US$90.9 million) for the shares, 25 percent of the total subscription price as required by law, it said. The capital increase was approved by the country’s Securities and Exchange Commission on Tuesday.
The company said its board decided to focus on the growth and development of its core business – gaming, leisure and entertainment. The subscription “is a form of expansion of the company’s business,” Travellers International said on Wednesday.
Travellers International said the rationale behind the decision took into consideration “the benefits which are expected to be accrued to the issuer as a result of the transaction,” it added.
Bayshore City Resorts World, until recently identified in filings as Resorts World Bayshore, will have at least 1,500 hotel rooms to be managed and operated by international hotel brands. They include Japanese hotel brand Okura and also Westin Hotels and Resorts, a brand owned by Starwood Hotels and Resorts.
The project will also feature the ‘Genting Grand’ and ‘Crockfords Tower’, two brands under the Genting group portfolio. The complex will also include residences, service apartments, as well as retail and entertainment areas.
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