Tuesday, June 24, 2008 [ philstar.com ]
Alliance Global Group Inc. (AGI), the listed holding firm of real estate magnate Andrew Tan, and its partner, The Genting Group of Malaysia, are expected to invest over $1 billion for the development of the proposed Pagcor Tourism City to rise at a reclaimed land area along Manila Bay.
“We will exceed the minimum $1-billion capital investment in Pagcor Tourism City,” said Kingson Sian, senior vice-president of AGI property unit Megaworld Corp.
Sian declined to reveal concrete plans for the integrated leisure and resort project along Roxas Boulevard, saying the masterplan is still being worked out.
“Don’t want to say anything more than that. We’ll make the proper announcement as soon as everything’s been finalized,” he said.
AGI earlier announced that Travellers International Hotel Group Inc. had obtained a “provisional license” from the Philippine Amusement Gaming Corp. (Pagcor) to build a multibillion-dollar casino and tourism complex in the Manila Bay reclamation area.
Sian said the project will host a wide array of leisure and entertainment facilities including a theme park, theaters, amusement and cultural centers, retail and gaming center and hotels.
In its application, Travellers proposed to build hotels with a minimum of 1,000 rooms spread out over several phases of development.
“Our proposal comes at an opportune time when there is increasing awareness of the Philippines as a tourist destination, with the country achieving a milestone in 2007 with a record three million tourist arrivals for the first time in its history,” AGI chairman Andrew Tan earlier said.
AGI’s joint venture with The Genting Group’s Star Cruises brings together a partnership of two reputable and respected conglomerates. AGI is focused on property development, food and beverage and quick-service restaurants while the Star Cruises Group is the third largest cruise operator in the world.
Star Cruises, which has total assets of almost $7 billion in 2007, together with its affiliate, the Genting Group, is involved in a diversified range of businesses — leisure, hospitality, gaming, entertainment, cruise and cruise-related, power and oil and gas exploration.
The Genting Group, with total assets of $10 billion, is the largest Asian-based leisure, entertainment and hospitality conglomerate with close to 40 years of experience. Its flagship Genting Highlands Resort is one of Asia’s leading integrated leisure and entertainment resort with the largest stock of hotel rooms numbering 10,000 in a single development.
The Genting Group is also investing $3.6 billion, on a 49-hectare integrated resort at Singapore’s Sentosa Island, called Resorts World at Sentosa. To be opened in 2010, this project is envisioned to be a large-scale iconic development focused on attracting families and holiday vacationers.
The project will include the first Universal Studios in Southeast Asia, the world’s largest Oceanarium Marine Life Park, an arts and science museum and a number of hotels, retail and gaming center.
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