Alliance Global Group Inc on Tuesday announced it is planning to spend P240 billion (US$4.4 billion) over three years to ensure its “organic growth”.
AGI said its capex is intended to launch more development projects around the country, including the expansion of its hotel and integrated resorts operations, among others.
“We are mindful of the current domestic and global economic developments, but we remain cognizant of the vast opportunities in the market; hence, our continued aggressive capital spending,” says Kevin L. Tan, chief executive officer, AGI.
AGI controls 50 percent of Travellers International Hotel Group Inc., the operator of Resorts World Manila (RWM), which recently completed its phase 2 expansion.
It is also in the middle of a phase 3 expansion, adding new international hotel brands Hilton, Sheraton and Okura, as well as the Grand Wing casino, it said.
Through Travellers and Megaworld, AGI said it is also aggressively expanding its hotel portfolio with the objective of bringing its total room capacity to 12,000 keys in the next few years, in support of the government’s thrust to reach its 10 million tourist arrivals target by 2020.
Moving forward, AGI’s P240 billion capex will be utilized to further expand and future-proof its businesses to sustain the Group’s long-term growth.