Alliance Global Group (AGI), a Philippine business conglomerate, announced on Thursday its plan to invest PHP75 billion ($1.29 billion) this year to support ongoing growth initiatives.
This allocation includes PHP10 billion ($172 million) earmarked for its gaming and leisure subsidiary, Travellers International Hotel Group (TIHG).
Travellers International Hotel Group is responsible for Newport World Resorts, located next to Manila’s Ninoy Aquino International Airport.
In a press release, AGI noted that the funds will mainly be used for the expansion and upgrade of Newport World Resorts. TIHG is currently refurbishing the Newport Mansion, a new hospitality haven that will feature all-suite rooms, garden villas, and bay suites.
AGI also explained that part of its capital expenditure (Capex) will be utilized for developing the commercial area in Westside City, including the construction of the Grand Opera House, theaters, and cinemas.
The Westside City project, where Suntrust Resort, a subsidiary of Hong Kong-listed LET Group, is developing a $1.1 billion hotel and casino complex under a lease agreement with Travellers, will benefit from these enhancements.
Just one day ago, LET Group disclosed that it has entered into supply and installation agreements with various contractors for the Westside City project. The supply of audiovisual equipment and installation works is targeted to be completed before June 30th, 2025.
The Westside City project is now scheduled to open in the first quarter of 2025, previously slated for 4Q24.
