Travellers Int'l set to open Bayshore project in 2016

MANILA, Philippines - Travellers International Hotel Group is on track with its plan to open its 30-hectare Resorts World Bayshore project at the Entertainment City in Manila in 2016, with initial construction slated to start in the latter part of the year.

Travellers International, a joint venture between property tycoon Andrew Tan’s listed investment holding firm Alliance Global Group Inc. (AGI) and Genting Hong Kong Ltd., is setting aside $1.1 billion for the project, a company official said.

In an interview, Tina Garcia, head of the company’s Investor Relations, said the budget of $1.1 billion would be raised internally and unlikely via an initial public offering (IPO).

“Site preparation will start later this year,” said Garcia on the sidelines of the 45th Asian Development Bank Board of Governors annual meeting.

She said the Bayshore project is expected to create over 100,000 direct and indirect jobs.

The project is targeting to capture the region’s high rollers as well as the middle market.

The 2016 opening puts Travellers among the last to open a gaming and resort complex at the Entertainment City. Razon-led Bloombery Resorts Corp. and Belle Corp. of the Sy Group are expected to open their hotel and casino projects next year.

However, Garcia said the group is not worried that it would be among the last to open, saying that in the gaming industry, supply spurs demand.

“The supply drives the demand. You have to have a lot of players,” Garcia said

Garcia said the Bayshore is expected to house at least 3,500 hotel rooms.

This is bigger than the 1,200 hotel rooms of Resorts World Manila, also owned by the group, which sits on a 10-hectare property.

Company officials earlier announced that over the next five years, the company is rolling out four more hotel facilities within the 10-hectare Resort World Manila.

The new hotels will boost the group’s room inventory in Resorts World Manila to 2,800 rooms by 2016 when tourist arrivals are expected to hit 6.5 million.

Launched in August 2009, Resorts World Manila, just five minutes away from the airport, currently hosts the largest casino in the Philippines.