Genting and Alliance Global to proceed with a us$ 500 million Manila casino IPO
Genting Hong Kong and Tan's Alliance Global Group operate casino and entertainment complex Resorts World Manila through equal joint venture Travellers International Hotel Group. Travellers International filed a draft prospectus for an IPO last month.
Listing Resorts World Manila will help fund more casinos by Tan and Chairman and CEO of Malaysia's Genting Mr. Lim. These include the us$ 1.1 billion Resorts World Bayshore being built by Travellers International Hotel Group. Travellers operates Resorts World Manila, which opened in August 2009 and comprises three hotels, a shopping mall, cinemas and a performing-arts theater.
The Philippines equities market has suffered losses recently as foreign investors dumped shares expecting the US Federal Reserve to start tapering its bond buying. Stocks in the first two weeks of June were down 11.1% but year-to-date as of Tuesday's close the index is up 12.2%.
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