Philippines conglomerate Alliance Global Group (AGI) said Thursday it will allocate Php4 billion (US$71.5 million) in capex this year for the ongoing expansion of Manila’s Newport World Resorts.
In a filing, AGI described the allocation as part of its strategy to “sustain the strong growth in its gross gaming revenues which hit record levels in 2022, and the recovery of its non-gaming revenues alongside the resurgence in staycations and MICE activities.”
Newport World Resorts, previously known as Resorts World Manila, is operated by AGI subsidiary Travellers International Hotel Group. Originally a joint venture with Genting Hong Kong, AGI revealed last month that it had entered into a share purchase agreement to acquire all shares previously held by the Genting group following the cruise ship entity’s 2022 collapse.
The allocation of Php4 billion in capex to Travellers formed part of a broader Php70 billion (US$1.25 billion) group-wide investment by AGI in 2023, an increase of 23% year-on-year.
“AGI has been focused on delivering products and services that create a bespoke and premium lifestyle for our discerning customers,” said the company’s CEO, Kevin Tan.
“A firm believer of the country’s attractive long-term growth prospects, the Group is betting on the continued improvement in consumer spending.
“Moving forward, AGI will continue to pursue expansion projects that will help put it at a vantage position to elevate the tastes and preferences of the Filipino consumer and customers worldwide with its aspirational product offerings, further reinforcing its position as the country’s truly premium lifestyle conglomerate.”
AGI’s interests include real estate development via Megaworld Corporation; spirits manufacturing through Emperador Inc, the Philippines’ McDonald’s franchises through Golden Arches Development Corporation (GADC) and infrastructure development through Infracorp.
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