Philippines conglomerate Alliance Global Group (AGI) seeks to expand its casino resort ventures outside of Manila to reach fast-growing areas.
According to a report, during the company’s annual meeting on Thursday, the firm’s Chief Executive Officer, billionaire Andrew Tan, said that the company is “actively looking at some of the key tourism hubs all over the Philippines as potential expansion sites”.
The AGI believes that the Philippines’ tourism sector will rebound along with a pick-up in global travel. At the same time, China’s crackdown on Macau was also a factor that contributed to rapid recovery.
The Philippines gaming regulator PAGCOR plans to sell off its casino operations arm, which is believed to be a broader overhaul of the country’s gaming sector.
$71 million for Newport World Resorts Expansion
AGI’s gaming venture Travellers International Hotel said it would grant PHP4 billion ($71.5 million) in capital expenditures this year for the ongoing expansion of Manila’s Newport World Resorts.
Andrew Tan added that Travellers is planning to increase the share of premium mass-market gamblers to half of its gross gaming revenue. It will also expand VIP junket operations, as the VIP segment in 2022 posted revenue more than double 2019 levels.
AGI just sealed a deal to take over all shares held by the failed Genting Hong Kong in Newport World Resorts last month. After finalizing the deal, Genting Hong Kong’s stake in TIHGI and associated entities is set to end.
