Genting Hong Kong has completed its exit from the Philippine gaming market, more than three years after agreeing to sell its interests in Manila integrated resort Newport World Resorts to long-time joint venture partner Alliance Global Group (AGI).
AGI subsidiary Newport World Resorts Properties, Inc (NWRPI) took ownership on July 15th of the shares held by Star Cruises Philippines Holdings B.V., Asian Travellers Ltd and Premium Travellers Ltd in resort operator Travellers International Hotel Group, Inc (TIHGI), as well as in TIHGI subsidiary Westside City Inc (WCI) and TIHGI shareholder Adams Properties, Inc (API), according to a filing with the Securities and Exchange Commission.
All conditions precedent under the share purchase agreement signed on May 30th, 2023 have now been fulfilled, the filing said, with the shares ‘successfully transferred to NWRPI’. Financial terms were not disclosed.
As a result, Genting Hong Kong ‘has fully divested its investments in TIHGI, WCI, and API, and no longer holds, directly or indirectly, any equity interest in these entities’, AGI said.
The transaction ends a partnership dating back to 2009, when the property opened as Resorts World Manila under a joint venture in which AGI held 60 percent and Genting Hong Kong 40 percent. The resort was rebranded as Newport World Resorts in July 2022, months after debt-laden Genting Hong Kong entered liquidation; the company was delisted from the Hong Kong Stock Exchange in May 2023.
Completion hands AGI full control of TIHGI and of WCI, the entity behind the group’s Westside development in Entertainment City, as the conglomerate consolidates its Manila gaming portfolio under sole ownership.
