Posted on December 29, 2011 08:41:39 PM [ BusinessWorld Online ]
THE RESORTS arm of conglomerate Alliance Global Group, Inc.is looking to begin work at its second integrated tourism estate next year, a ranking official said yesterday.
“We plan to start next year. We’re still finalizing the plans. It’s a big property, you have to have several iterations,” Kingson U. Sian, president and chief operating officer of Alliance Global, in a briefing yesterday, referring to Resorts World Bayshore.
The 40-hectare complex in Pasay City to be located in the state-run Philippine Amusement and Gaming Corp.’s Bagong Nayong Pilipino Entertainment City will feature approximately 2,500 hotel rooms along with leisure, retail, gaming, and entertainment facilities.
Alliance Global unit Travellers International Hotel Group, Inc. had earlier allotted around $1.1 billion for the project, which is expected generate 100,000 direct and indirect jobs.
This comes on top of plans to further expand the firm’s existing Resorts World Manila complex across the Ninoy Aquino International Airport - Terminal 3 to accommodate more entertainment and hotel facilities.
The complex was developed in partnership with Genting Hong Kong, Ltd.
“We have around 10 [hectares] here right now, but we’re expanding this. We will probably end up with around 12 hectares,” Mr. Sian said, noting that the additional two hectares owned by subsidiary Megaworld Corp., had already been secured.
“[Our plans show] that we are confident about the business, and that the market is there. We are committed to the Philippine tourism story, and you can see this in the tourism numbers,” Mr. Sian added.
Alliance Global was incorporated in 1993 and listed on the Philippine Stock Exchange in 1999 with an initial business investment in glass-container manufacturing in Canlubang, Laguna. -- Franz Jonathan G. de la Fuente