By Zinnia B. Dela Peña (The Philippine Star) | Updated November 26, 2012 - 12:00am
MANILA, Philippines - Travellers Hotel International Group, a joint venture between real estate tycoon Andrew Tan’s Alliance Global Group Inc. (AGI) and Malaysia’s Genting Group, broke ground yesterday on the third phase of Resorts World Manila, an integrated gaming and hotel complex in Pasay City.
Kingson Sian, president of Travellers, said Phase 3 will include the construction of close to 1,000 new hotel rooms. Plans include the establishment of a Sheraton Hotel which will house about 350 rooms, another five-star hotel (350 rooms) and the expansion of the all-suite Maxims Hotel, which will provide an additional 200 rooms.
The new Phase, to rise on a three hectare-property, will also entail the expansion of gaming and retail facilities to adequately meet the needs of its clients.
Sian said Phase 3 will take three to four years to complete considering the vast size of the project.
“This expansion only reflects our confidence in the local economy. We’re supportive of the government’s efforts to pump prime the economy. We believe tourism will be one of the most promising growth areas,” Sian said.
Genting Berhad chairman chief executive Tan Sri Lim Kok Thay said his group remains bullish on the Philippines as seen by its continuing commitment to invest here. “We’d like to set an example to other investors for them to follow suit,” he said.
Resorts World Manila, located near the domestic and international airports, opened in August 2009 and is currently the largest casino complex in the Philippines.
Tan, whose networth is valued at $2.1 billion by Forbes Magazine, is making a strong push into the gaming/tourism industry. His flagship firm AGI has interests in property (Megaworld Corp., Empire East Holdings and Suntrust), beverage (Emperador Distillers Inc.), and fastfood (Golden Arches Development Corp; which holds the master franchise for global giant McDonalds).