^

Phl eyed as ‘Broadway of Asia’

Neil Jerome C. Morales (The Philippine Star) - April 10, 2013 - 12:00am

MANILA, Philippines - Genting Hong Kong Ltd., the partner of real estate tycoon Andrew L. Tan in Resorts World Manila, remains bullish on gaming prospects in the Philippines.

The Philippines has the potential to be the “Broadway of Asia” through a $1.1-billion integrated casino complex along Manila Bay, the company said.

“Travellers Group remains uniquely and strategically positioned to capitalize on the growth opportunities in the Philippines through its existing operations Phase 3 expansion at Newport City,” Genting said.

Genting said it is also banking on the $1.1-billion Resorts World Bayshore at the Philippine Amusement and Gaming Corp. (Pagcor)-owned Entertainment City.

Travellers International Hotel Group Inc. – which owns the eight-hectare Resorts World Manila complex in Pasay – is a joint venture of local conglomerate Alliance Global Group Inc. and Genting Hong Kong, the third-largest cruise line operator in the world.

Specifically, Genting said the expansion at Newport City includes the Marriott Grand Ballroom, which will be a 5,000-seater venue for meetings and conventions, and new world-class hotels under the Hilton and Sheraton brands.

“The development of Resorts World Bayshore will include a five-star, 600-room Westin Hotel and an iconic structure, the Grand Opera House with an intention to make the Philippines the Broadway of Asia,” Genting said.

Travellers Group will start building Resorts World Bayshore this year and plans to commence commercial operations in 2016.

The casino hotel is situated in Entertainment City, a 120-hectare property reclaimed from Manila Bay. Pagcor Entertainment City is the Philippines’ answer to Las Vegas, Singapore and Macau gaming hubs.

Last year, Travellers Group’s profits surged more than 42 percent to $159.8 million from $111.9 million a year ago as revenues jumped 14 percent to $752.4 million from $659.3 million.

Travellers Group said its total operating expenses rose 22 percent to $252.4 million from $206.6 million “mainly due to the increase of new hires to support the expansion in operations, as well as marketing and advertising efforts to promote the integrated resort.”

Launched in 2009, Resorts World Manila attracted 4.5 million foot traffic in 2011, which was earlier projected to surge to seven million in 2012 amid a buoyant local economy.

ALLIANCE GLOBAL GROUP INC ANDREW L ENTERTAINMENT CITY MANILA BAY MILLION NEWPORT CITY RESORTS WORLD BAYSHORE RESORTS WORLD MANILA TRAVELLERS GROUP WORLD
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with