Alliance Global Group Inc. (AGI) has agreed to infuse PHP7.8 billion (US$152 million) into Travellers International Hotel Group, enabling it to fulfill its current financial obligations.
Travellers, a joint venture partnership between AGI and Genting Hong Kong, operates Resorts World Manila in the Philippines capital.
As reported by Inside Asian Gaming, the infusion will help “augment the working capital of Travellers and will afford AGI’s entertainment and hotel business the opportunity to keep current with its obligations and catch the window of business recovery with the easing of Covid-19 restrictions.”
In its recent financial report for the three months to September 2021, Resorts World posted gaming revenue of PHP4.9 billion (US$97.5 million), up 53 percent year-on-year and 46 percent quarter-on-quarter.
Fourth-quarter results have not yet been released. But according to IAG, Manila is well placed to continue its recovery from the Covid-19 pandemic with the dropping of all capacity restrictions from March 1.
