Travellers International Hotel Group will spend US$600 million over the next three years to expand its Resorts World Manila casino hotel complex.
The company said its recent decision to delay a planned $1 billion IPO will not interfere with the investment and said the expansion, which is slated to include 1,100 more hotel rooms, a convention center and additional gaming space, might be funded through the debt markets, according to a Reuters report.
Travellers, a joint venture between Genting Hong Kong and Philippine property giant Alliance Global Group, has postponed the offering on the Philippine Stock Exchange until September or October, depending on market conditions. It was looking to use the proceeds to fund the expansion of the Resorts World facilities, which are located near Terminal 3 of Manila’s Ninoy Aquino International Airport.
“We are not pressured,” President Kingson Sian said of the IPO. “We will just wait for the right timing.”
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