Philippine conglomerate Alliance Global Group (AGI), the parent company of the Manila-based Newport World Resort casino complex, said it plans to allocate 10 billion PHP ($171.6 million) this year for the “ongoing expansion” of the property as well as the commercial regional development of a separate hotel casino project in the Philippine capital, Westside City.
The latter project is being developed in partnership with Suntrust Resort Holdings Inc., a subsidiary of Hong Kong-listed casino investment firm LET Group Holdings Ltd. The site is expected to begin operations in the first quarter of 2025.
In a news release on Thursday, Alliance Global said its subsidiary Travelers International Hotel Group Inc, owner and operator of Newport World Resort (pictured), will “spend 10 billion PHP primarily on ongoing expansion projects within the Newport World Resort complex” this year.
Travelers International added: “We are currently refurbishing the Newport Mansion, a new hospitality refuge with all suites, garden villas and bay suites.”
According to Alliance Global, a portion of Travelers International’s capital spending budget will go toward “developing commercial areas in Westside City, including the construction of grand opera houses, theaters and cinemas.”
Newport World Resort, formerly known as Resorts World Manila, opened in 2009 as a joint venture between Alliance Global and Genting Hong Ltd., a casino cruise ship operator and a subsidiary of Genting Group.
Genting Hong Kong went into liquidation in January 2022. Later, in a statement in July 2022, it announced that Resort World Manila would be rebranded as Newport World Resort. In May last year, Alliance Global disclosed Genting Hong Kong’s acquisition of a stake in Newport World Resort.
Last month, Alliance Global confirmed a leadership change at Newport World Resort, which it attributed to the signing of a “one-year transition plan” after Alliance Global fully acquired the business. The announcement confirmed several executives previously linked to Genting Hong Kong had left their positions at Newport World Resort.
Alliance Global said in April that Travelers International’s gaming total revenue rose 7% to a “high” of $34.2 billion in 2023 annual PHP. The Newport World Resort currently has five international hotel brands: Marriott Manila Hotel, Sheraton Manila Hotel, Hilton Manila, Hotel Okura Manila and Holiday Inn Express Manila.
Alliance Global’s plan to invest $10 billion in PHP in casino resort projects was part of an announcement on capital expenditures by large companies planned for 2024. The group, led by local tycoon Andrew Tan, said it would allocate $75 billion in capital expenditures for PHP this year, up 19% from $63 billion in actual PHP in 2023.
Other business interests of Alliance Global include real estate development and liquor manufacturing
BY: 동행복권파워볼