Philippines-listed Travellers International Hotel Group has announced it has completed the investment of the proceeds of its initial public offering, which has financed the phase two and three expansion of Resorts World Manila.
According to a filing to the Philippine Stock Exchange on Monday, the company said it has allocated approximately PHP 7 billion (US$149.7 million) as of June 30, 2016 to the phase two expansion program.
The expansion program includes the Marriott Grand Ballroom, the Marriott West Wing, and related facilities including an underground parking lot, dining facilities and a golfer’s terrace.
Kingson Sian, President and CEO, Resorts World Manila said: “Despite increased competition last year, the Company achieved solid net profits and operational efficiency while strengthening its non-gaming segment. As such, we are able to deliver quality earnings to our shareholders, just as we did in the previous year.”
The company also said it has allocated PHP 8.7 billion in the phase three expansion program, which involves the addition of two new hotels to be managed by Hilton Hotel and Sheraton Hotel, and the construction of underground parking lots and a podium to house the gaming and retail area. However, the company said it is delaying its second casino project destined for Entertainment City in Manila.
Travellers said: “The company confirms that it has sought and secured the approval of the Philippine Amusement and Gaming Corp (Pagcor) for a fourth quarter 2020 completion schedule to help preserve the Philippine gaming industry by allowing the growth of gaming demand to catch up and match the rapid growth of gaming supply in light of the operation of the integrated resorts in Entertainment City.”
“We remain optimistic in the long-term tourism and gaming prospects of the country and [the company] is committed in growing both its gaming and non-gaming offerings.”
The operator, owned 44.9 percent by Genting HK, operates Resorts World Manila in Pasay City.