Philippine business conglomerate Alliance Global Group (AGI) said Thursday it will allocate capital expenditure of Php75 billion (US$1.29 billion) this year as part of its commitment to sustain growth, including Php10 billion (US$172 million) to be spent by its gaming and leisure arm Travellers International Hotel Group Inc.
Travellers is the operating entity of Newport World Resorts, located alongside Manila’s Ninoy Aquino International Airport.
According to information from AGI, the majority of the Php10 billion Travellers allocation will be used by Travellers International at Newport World Resorts and primarily for upgrades to its premium accommodation facilities.
“The company is currently refurbishing the Newport Mansion, a new hospitality haven that will feature all-suite rooms, garden villas and bay suites,” it said.
The remainder, AGI added, will be utilized for the development of the commercial area in its Westside City project, including the construction of the Grand Opera House, theaters and cinemas. Westside City is where Suntrust Resort Holdings, a subsidiary of Hong Kong-listed LET Group Holdings, is developing a US$1.1 billion hotel and casino complex as part of a lease deal with Travellers.
AGI’s full Php75 billion spend this year is 19% higher than its 2023 capex, with President and CEO Kevin Tan stating, “AGI remains steadfast and dedicated to driving growth across all its business segments, mindful of its goal to elevate global consumer preferences through aspirational product offerings.”
The company’s other interests include real estate giant Megaworld – which is also an investor in Westside City – spirits manufacturing group Emperador Inc and McDonald’s Philippines licensee Golden Arches Development Corporation.
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