Includes airport improvements
Alliance Global Group, which owns 50 percent of Resorts World Manila operator Travellers International Hotel Group, has announced that it has earmarked PHP240 billion (US$4.4 billion) for capital expenditures to expand the integrated resort, located in the Philippines’ Entertainment City casino zone.
According to Inside Asian Gaming, Travellers is currently in the process of finalizing Phase III of RWM’s expansion, which will add a new Grand Wing casino as well as Hilton, Sheraton and Okura hotels. It is also planning a new integrated resort in Entertainment City and a range of supporting projects that includes residential facilities, “lifestyle malls,” upgrades to Ninoy Aquino International Airport and more.
“We are mindful of the current domestic and global economic developments, but we remain cognizant of the vast opportunities in the market; hence, our continued aggressive capital spending,” said Alliance Global CEO Kevin Tan.
“The bulk of our planned cap-ex will be funded internally, leaving only a small portion that will need bank financing,” Tan said. “Be assured though that we will always maintain financial prudence and keep our gearing at reasonable level.”
