Resorts World Manila developer plans IPO

MANILA, Philippines - The Filipin-Malaysian joint venture company behind Resorts World Manila is planning to list in the local bourse.

Proceeds from the initial public offering (IPO) of Travellers International Hotel Group Inc. is expected to bankroll the construction of the $1.1-billion Resorts World Bayshore along Manila Bay.

In a disclosure, Alliance Global Group Inc. (AGI) of property tycoon Andrew Tan said “Travellers has filed a registration statement with the Philippine Stock Exchange for a potential IPO.”

“Travellers has also advised AGI that the potential offering is at an initial stage and that the principal terms, including the number of shares to be offered, the offer price, and any pre-transaction reorganization, are yet to be finalized,” it added.

Travellers, which operates the eight-hectare Resorts World Manila hotel and casino complex, is a joint venture between Malaysia’s Genting Bhd. and AGI.

Last month, AGI said it is evaluating fundraising options for the $1.1-billion casino complex. Travellers was reportedly looking to raise $500 million through an IPO, following the lead of two other casino license holders in Entertainment City.

Travellers will start building Resorts World Bayshore at the Philippine Amusement and Gaming Corp. Entertainment City this year, with commercial operations scheduled in 2016.

The casino complex is situated in a 120-hectare property reclaimed from Manila Bay. Entertainment City is envisioned as the Philippines’ answer to the Las Vegas, Singapore and Macau gaming hubs.

Resorts World Bayshore will be the last integrated resort complex to start operations in Entertainment City. The three other casino license holders are Bloomberry Resorts Corp. of port magnate Enrique Razon, taipan Henry Sy’s Belle Corp. in partnership with Macau’s Melco Crown Entertainment Ltd., and Japanese gaming tycoon Kazuo Okada’s Universal Entertainment Corp.