Phase III to add three additional hotels
By the fourth quarter of 2015, Resorts World Manila had spent about 89 percent of capital raised in an initial public offering as well as other funds to pay for the Phase II expansion of its Philippines casino property, Resorts World Manila. The remainder of the money came from an over-allotment option of common shares, reported GGRAsia.
Phase II of the project will add a 4,000-capacity convention center with a Marriott Grand Ballroom, and add a west wing to the Marriott Hotel Manila. The new wing “will cater primarily to VIP guests and Marriott Rewards members,” according to a report from Travellers International Hotel Group Inc.
The November 2013 IPO raised PHP16.8 billion (US$351.8 million), of which PHP7.0 billion (US$146 million) was allocated to Phase II. The Manila resort is a joint venture between Philippines-based Alliance Global Group Inc. and Genting Hong Kong Ltd.
The expansion will also add an underground parking lot and restaurants. Phase II will expand the Maxims Hotel and add two new hotels to be managed by Hilton Hotels and Resorts and the Sheraton brand of Starwood Hotels and Resorts.
