By Richmond S. Mercurio (The
Philippine Star) | Updated September 25, 2014 - 12:00am
MANILA, Philippines - Travellers
International Hotel Group, the joint venture of property tycoon Andrew Tan’s
Alliance Global Group Inc. and Genting Hong Kong Ltd., has firmed up control of
the company that will develop the $1.1-billion Bayshore City Resorts World
along Manila Bay for P16.15 billion.
Travellers said yesterday, it has paid
a quarter of the total subscription amount, or P4.037 billion, for the purchase
of additional shares of stock in Resorts World Bayshore City Inc. (RWBCI).
In a disclosure to the local bourse,
Travellers said it has subscribed to 880 million common shares of stock and
2.35 billion preferred shares of stock of RWBCI at a “premium price” of P5
each.
The subscription enabled Travellers to
own 95 percent of RWBCI, leaving other stockholders with the remaining five
percent stake in the company.
Travellers, the developer of Resorts
World Manila at Newport City in Pasay, said the balance of about P12 billion
will be paid “upon call” of the firm’s board of directors.
“The company’s board of directors
decided to focus on the growth and development of its core business – gaming,
leisure and entertainment, which necessitated the acquisition of the majority
shares of RWBCI, the company’s co-licensee in its provisional license with the
Philippine Amusement and Gaming Corp. assigned to construct and develop Site A
located at Manila Bayshore Entertainment City,” Travellers said.
RWBCI is the developer and operator of
Bayshore City Resorts World, the last integrated resort complex scheduled to
start operations in Entertainment City.
Bayshore City Resorts World will have
at least 1,500 hotel rooms to be managed and operated by international hotel
brands that will include The Westin Hotel Manila Bayshore of the Starwood Asia
Pacific Hotels & Resorts group, Hotel Okura Manila of the Okura Hotels
& Resorts, and Genting Grand and Crockfords Tower of the Genting Group.
Aside from the branded hotels, the
project will also include a 3,000-seater grand opera house and a commercial
complex with retail component that will have department stores, food and
beverage outlets, cinemas, and entertainment and gaming facilities.
Travellers said Bayshore City Resorts
World has already commenced site development, with actual construction and
development to kick off later this month.
The integrated resort, expected to
open by the fourth quarter of 2018, was earlier targeted to be operational
starting 2016 but was deferred due to delay in the turnover of the property.
Travellers president Kingson U. Sian
earlier said the initial phase of development which would start within the year
would cover less than a third of the area of the 31-hectare Bayshore City
Resorts World.
Sian said RWBCI would likely bring in
something new and different in Bayshore City Resorts World which other
integrated resort complex do not have yet.
Bayshore City is expected to be about
three times the size of the existing Resorts World Manila, a resort complex
which has the largest gaming facility opened in 2009.
“True to the group’s core value of
establishing a truly integrated resort destination, Bayshore City Resorts World
will be designed with attractions and facilities to accommodate millions of
visitors and tourists annually and cater to different market segments ranging
from families, the corporate sector, business travelers, tourists and the
meetings and convention market,” Travellers said.
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