Travellers International to invest P16B in Manila Bay casino resort
MANILA, Philippines – Travellers International Hotel Group Inc, a joint venture between Alliance Global Group Inc of business tycoon Andrew Tan and Malaysia’s Genting group, is investing P16.15 billion ($371.11 million)* to acquire a 95% interest in the company.
The group will be developing the $1.1-billion Bayshore City Resorts World at Entertainment City in Parañaque.
In a disclosure to the Philippine Stock Exchange (PSE), Travellers said it will subscribe the 3.23 billion shares in Resorts World Bayshore City Inc. (RWBCI) – equivalent to a 95%-interest in the company at P5 ($0.11) per share.
The company’s board of directors decided to focus on the growth and development of its core business – gaming, leisure, and entertainment. This necessitated the acquisition of the majority shares of RWBCI, the company’s co-licensee in its provisional license with the Philippine Amusement and Gaming Corporation (PAGCOR), assigned to construct and develop Site A. This is located at the Manila Bayshore Entertainment City, Travellers said.
Travellers, which is already developing the integrated casino and entertainment complex Resorts World Manila in Pasay City, initially paid P4.03 billion ($90.67 million) to RWBCI. This represents 25% of the total subscription price.
After the release of the disclosure, PSE immediately suspended the trading of Travellers’ shares pending submission of additional details on the transaction.
Travellers' shares were last traded on September 23 when it closed at P9.03 ($0.20) per share.
Alliance Global is one of the biggest conglomerates in the Philippines, with interests in the food and beverage industry, property development, and quick service restaurant operations.
Genting is Malaysia’s leading multinational corporation and one of the best managed companies in Asia, operating theme parks, gaming facilities, hotels, seaside resorts, and entertainment venues.
Bayshore City Resorts World to open in 2018
Travellers made the announcement as construction of Bayshore City Resorts World started this September.
Under the plan, Bayshore City Resorts World will have at least 1,500 hotel rooms to be managed and operated by international hotel brands Westin Hotel Manila Bayshore of the Starwood Asia Pacific Hotels & Resorts group; the Hotel Okura Manila of the Okura Hotels & Resorts; and the Genting Grand and Crockfords Tower of the Genting group.
Bayshore City Resorts World also includes a 3,000-seater Grand Opera House, mall/cinema, and commercial complex with retail component; entertainment; and gaming facilities.
The integrated resort is projected to open in the last quarter of 2018.
Travellers, a joint venture with Genting Hong Kong Ltd, is also the developer of Resorts World Manila in Pasay City, which is currently undergoing a massive expansion program. – Rappler.com
($1 = P44.44)