lliance Global’s interest in Resorts World Manila is held via its Travellers International Hotel Group Inc venture with Genting Hong Kong Ltd.
Resorts World Manila is currently undergoing a US$650-million expansion. Phase 2 of the resort will also include a Marriott West Wing – an expansion of the Marriott Hotel Manila that will cater primarily to VIP guests and Marriott rewards club members. The Marriott West Wing is due to be completed “by the early part of 2016,” Alliance Global said in a filing to the Philippine Stock Exchange on Monday.
Phase 3 of the gaming resort will feature two new hotels – the Hilton Manila and the Sheraton Hotel Manila – as well as an extension to Maxims Hotel. The project is expected “to be turned over by the end of 2017”, according to Monday’s filing.
Alliance Global said that Phase 3 of Resorts World Manila “will be accompanied by an increase in both gaming and non-gaming facilities”.
The casino at Resorts World Manila opened in August 2009 and it had 127 VIP gaming tables, 169 mass tables, 1,868 slot machines and 210 electronic game units at the end of 2014.
On Monday Alliance Global said group wide revenues were PHP125 billion (US$2.8 billion) in 2014, up by 1.6 percent year-on-year. Net income attributable to shareholders, however, fell 23.1 percent year-on-year to PHP13.2 billion.
Travellers International accounted for 25 percent and 26 percent of Alliance Global’s consolidated revenues and net profit, respectively. Travellers International, the operator of Resorts World Manila, last month said its own net profit nearly doubled for the year ended December 31.