Alliance Global Group Inc. (AGI), parent company of Newport World Resorts operator Travellers International Hotel Group Inc. (TIHGI), is denying reports that the June 1 departure of executives of the Newport World resort in Pasay, Metro Manila, Philippines is linked to financial transgressions.
On June 1, president and CEO Kingson Sian resigned, and two other high-level executives—Chief Operating Officer Hakan Dagtas and Chief Financial Officer Bernard Than—also tendered their resignations.
Online news outlet Bilyanaro.com reports that the exodus “sparked speculation about potential financial misconduct.” The website quoted recent comments from AGI CEO Kevin Tan, who told a town hall meeting, “Anyone who crosses the line, whether long-serving or new, regardless of their position, will face consequences for wrongdoing.”
Sian had been CEO of Newport World, formerly Resorts World Manila, since its opening in 2008. Dagtas and Than had each been with the company for more than 10 years, and prior to that were associated with Star Cruises, owned by Newport’s former partner, Genting Hong Kong. Alliance acquired Genting Hong Kong’s interest in Travellers in May 2023.
Hakan Dagtas told GGRAsia he resigned “for personal reasons” and said his first order of business would be “taking a holiday.”
Per Inside Asian Gaming, Sian’s retirement had been planned for years, but was delayed by the pandemic and AGI’s acquisition of the Genting stake, which kicked off a yearlong transitional period. In a subsequent filing, AGI said it “wishes to clarify that the departures (were) due to the conclusion” of that period.
“Mr. Sian had initially deferred his planned retirement in 2022 to lead the company through the transition period,” said AGI. “The positions of Mr. Dagtas and Mr. Than, who were members of TIHGI’s management team with AGI’s former venture partner, are part of the transition plan, paving the way to AGI’s management team to helm TIHGI moving forward.
“Further, the statements attributed to Mr. Tan in the article only articulates the policy implemented across the AGI Group, underscoring the significance of integrity among its ranks. Such statements are motivated by AGI’s strong commitment to drive the organizations within its group to new heights, a feat only attained through principled members of the group. We hope that this clarifies the matter.”
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