Alliance Global Revives Casino Expansion Plans
Alliance Global Group will revive its casino expansion plans outside of Metro Manila. It came after it took complete control of its gambling division with Genting Hong Kong’s exit.
Travellers International Hotel Group is its leisure and gaming subsidiary. It secured a financial turnaround last year after the relaxation of pandemic restrictions. Also, it is a good indicator for casinos in Georgia.
Kevin Tan, AGI CEO, stated that Travellers is ready to venture into other locations outside of Metro Manila. At present, it operates the Newport World Resorts.
According to sports betting experts, the company looks at various tourism hubs in the Philippines. It looks at potential expansion locations for its integrated casino resort business.
Casino Expansion Plans
Genting Hong Kong, a massive cruise line company headed by Malaysian patriarch Lim Kok Thay and which filed for bankruptcy last year, sold 40% of its shares to AGI the previous week. As a result, the conglomerate that owns Travellers will have complete control of the hotel, bar, casino, and fast food chain.
Travellers has a gaming license to build an integrated casino in the Manila Bay resort district of Entertainment City.
Suntrust Resorts Holdings Inc., wholly controlled by Hong Kong-listed LET Group Holdings (previously Suncity Group Holdings), has been contracted to construct the $2 billion casino project over the last three years.
Meanwhile, Tan said that the outlook for the casino and hotel industries, two of the most impacted by the epidemic, was improving. Some players read a guide to craps betting during the pandemic to enhance their gameplay.
AGI Business Expansion
The P70 billion capital investment estimate for 2023 is a 23 percent increase over the previous year, signaling the conglomerate’s commitment to growing its other business lines.
Golden Arches Development Corp., which runs McDonald’s restaurants in the Philippines, is owned by AGI and Megaworld Corp., Emperador Inc., Travellers, and AGI.
AGI’s net income for the first quarter of 2023 was P4.7 billion, up 20% year-over-year. Total sales for the year’s first three months increased by 34%, reaching P50.3 billion.
