Alliance to spend $2.3B on complex
Travellers International Hotel Group Inc., a partnership between Philippine-based conglomerate Alliance Global and Genting Hong Kong Ltd. will soon resume construction on its second Manila casino. The resort complex now known as Westside City Resorts World will be finished as early as 2020, Alliance CEO Kevin Tan told the Manila Times. Last June, Tan took over the group CEO role from his father Andrew Tan.
According to CalvinAyre.com, the project is being developed by Alliance’s property unit, Megaworld Corp. and could open sometime in 2021. Westside City Resorts World officially broke ground in 2014 and was first targeted for opening in 2018. It has been known in the past both as Bayshore City Resorts World and Resorts World Bayshore.
Alliance Global will invest PHP121 billion (US$2.30 billion) on Westside City, part of a 31-hectare (76.6-acre) “leisure and entertainment township” in Manila’s Entertainment City casino zone.
Overall, the Philippines’ state-run gaming regulator projects that it will post more than PHP100 billion (US$1.9 billion) in gross gaming revenues for full-year 2018. In a news release issued just before the end of December, Andrea Domingo, head of the Philippine Amusement and Gaming Corp., stated, “I think we’re going to end the year with a really good performance. We will be breaching the PHP100 billion revenue mark.”
As of September 30, GGR in the Philippines amounted to slightly more than PHP158.36 billion (US$3 billion), already exceeding the figure recorded for full-year 2017, according to GGRAsia.
PAGCOR saw a boost in revenues and net income in the aftermath of a June land sale to Bloomberry Resorts Corp. Bloomberry’s Sureste Properties Inc. paid PHP37.33 billion (US$710 million) to the regulatory for two parcels of land in Manila where Bloomberry’s Solaire Resort and Casino is located. PAGCOR realized a gain of PHP32.72 billion (US$62235 million) on the sale.
