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Philippines – Resorts World Manila to launch $500m IPO

By - 22 April 2013

Genting and its Philippine partner are looking to generate over US$500m from an IPO of Resorts World Manila in the third quarter of 2013.

The money raised will be invested in other casino projects owned by Genting and its Philippine partner Alliance Global Group.

The 50-50 joint venture, known as Travellers International Hotel Group, is in the process of building the $1.1bn Resorts World Bayshore, scheduled to open in 2016 in Entertainment City in Manila Bay area.

The IPO of Resorts World Manila follows on the back of Nasdaq-listed Melco Crown confirming that its own Philippine division will look for funding of around $400m through a sale of shares sale, to finance its casino project with Belle Corp.

Analysts believe GGR in the Philippines could double to more than $3bn by the end of 2015, when all four Manila’s Entertainment City projects are open.

The first debuted last month with Solaire opening its doors. Melco Crown Entertainment and Belle are due to open their casino next year, ahead of Resorts World Bayshore and a Tiger Resorts owned by Japan’s  Kazuo Okada.

PAGCOR (The Philippine Amusement and Gaming Corp.) believes the launch of Bloomberry Resorts’ Solaire casino in Entertainment City Manila will boost gaming revenue by over P4bn next year.

The state operator’s Chairman and CEO Cristino Naguiat believes the hype surrounding the launch will push GGR up to P44.15bn (US$1.08bn) from the P40.88bn generated in 2012.

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