Resorts World Manila to spend P8B for 2015
MANILA, Philippines – Travellers International Hotel Group, Incorporated is spending P8 billion ($178.15 million) this year to develop a new integrated resort and casino in Entertainment City in Parañaque City and complete the construction of Resorts World Manila in Pasay City.
Its capital spending budget for this year is higher than the P5.9 billion ($131.39 million) spent in 2014.
Travellers president and chief executive officer Kingson Sian said he is finalizing the fourth and final phase of Resorts World Manila, involving the 1,000-room, 4-star hotel on top of a shopping mall.
Phase 4, according to Sian, will cover a total of 2-hectare lot, which is slated for completion by 2020.
The company will also build an iconic bridge that will connect the Ninoy Aquino International Airport Terminal 3 to the integrated resort and casino complex. The bridge will be completed by next year, Sian said.
Travellers is constructing the third phase of Resorts World, which includes 3 new hotels, namely: Hilton Manila Hotel, Sheraton Hotel Manila, and Belmont Hotel.
These developments will increase the hotel capacity of Resorts World to 4,200 rooms from the current 1,226.
“We remain on track toward sustainable growth focusing on delivering quality earnings to our investors and shareholders,” Sian said.
Focus on non-gaming
Meanwhile, Travellers has also pushed back the opening of its second integrated gaming and resort complex called Bayshore City Resorts World in Entertainment City to 2019.
Initially targeted for completion by end-2018, Sian said Bayshore City will be completed in phases starting 2019.
The 31-hectare Bayshore City is projected to have at least 1,500 hotel rooms operated by international brands such as The 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.
The development will also house a 3,000-seater grand Opera House, over 77,000 square meters of retail space condominiums, cinemas, food and beverage outlets, and meetings, incentives, conferences, and exhibitions facilities.
To curb decline in gaming revenues brought about by increased competition and crackdown in China, Sian said the company is now focusing to developing non-gaming facilities in Resorts World Manila, such as hotels, malls, and conventions.
“Our strategy to drive growth is more at a steady pace, achieve quality earnings, and operational efficiency, looking not just at gaming but equally important is the non-gaming contribution and having a more balanced company rather than just gaming-centered,” Sian said.
Travellers is a joint venture between the Andrew Tan-led Alliance Global Group Incorporated and Genting Hong Kong. – Rappler.com