Newport World Resorts parent company Alliance Global Group (AGI) has indicated that its collective investments for integrated resorts in Boracay and Cebu ‘could hit $2 billion’.
In a filing with the Philippine Stock Exchange on Monday, AGI clarified its plans to construct a ‘boutique integrated resort’ in Boracay Newcoast, ‘with an investment commitment of $300 million’. This figure had already been previously disclosed.
Having already completed the Boracay Newcoast Convention Center (with 1,200 seats), ‘the AGI Group is building new hotels’, it indicated.
Looking to Cebu, ‘The AGI Group also plans to construct another boutique integrated resort project in Mactan Newtown with an investment commitment of $300 million’. The group notes that to support this project ‘the AGI Group is building new hotels and the Mactan Expo Center with 2,500 seating capacity’.
Looking at the overall investment, the group notes that ‘there is a possibility that the AGI Group’s collective investment’ in the two IRs ‘could hit $2 billion in view of its collective long-term growth plans, and could be considered as the Company’s indicative investment that is forward-looking in nature’.
In late June, AGI had indicated that it was allocating some PHP59 billion ($1.03 billion) in capital expenditures ‘this year to pursue new undertakings and continue with its ongoing projects across key business segments’.
The group noted that the capex investments ‘aim to further solidify AGI’s position as the country’s premier lifestyle conglomerate, highlighted by major development efforts spearheaded by its leisure development company Travellers International’, which is the direct parent of Newport World Resorts.
Back in September of last year, AGI’s CEO Andrew Tan had indicated that it was planning to invest some $300 million in an IR in Boracay, including a “boutique casino”. The property also features an 18-hole golf course, nearly 2,000 hotel rooms and a 1 kilometer beach. Boracay Newcoast is a 15—hectare tourism estate combining residential, commercial and leisure, with 11 residential projects, four hotels and a commercial and entertainment district.
At the same time, Tan also indicated that up to $400 million could be invested in Mactan, Cebu – with the possibility to open as early as end-2026.
Mactan Newtown is a 30-hectare township in Lapu-Lapu City, featuring 10 residential projects, five office towers, retail and lifestyle and two hotels – including the Savoy Hotel Mactan.
Currently, AGI is expecting to finish this year with up to 10,000 rooms in its portfolio under Megaworld Hotels & Resorts and Travellers, with plans for up to 12,000 room keys before 2028.
AGI is also an investor in the Westside City project in Entertainment City, in Manila.
