IPO raised PHP16.76 billion net
Travellers International Hotel Group Inc. is nearing the limit of its proceeds from a 2013 initial public offering earmarked for Phase II of its Resorts World Manila in the Philippines, reports GGRAsia. The company allocated approximately PHP7.03 billion (US$150 million) for the expansion, and has invested more than 94 percent of that total.
Phase II included the Marriott Grand Ballroom, which is already open for business, as well as the Marriott West Wing, an expansion of the hotel “that will cater primarily to VIP guests and Marriott rewards members,” Travellers International stated in an update.
To date, the company has plowed about PHP15.77 billion into expansions at the resort. Travellers International, a partnership of Philippines-based Alliance Global Group Inc. and Genting Hong Kong Ltd., ultimately plans to double the property’s gaming, hotel and retail facilities.
At the same time, the company is developing another casino project for Entertainment City in the capital city of Manila. In June, the company said the new casino resort will open in 2020.
