Billionaire Andrew Tan’s Alliance Global Group is to buy the 40 per cent stake held by its initial partner Genting Hong Kong in their JVC Travellers International, owner of Newport World Resorts hotel and casino in Manila.
Genting Hong Kong is leaving the Philippine casino market after going into liquidation in January last year asdue to the ffects of the COVID pandemic on the travel sector.
Having opened as Resorts World Manila in 2009, the casino was rebranded last year since when Alliance has been in discussion its partner’s share in the casino.
in April, Alliance Global saw its 2022 consolidated revenues surge to a record level of P183.6bn, reflecting a robust 20 per cent growth from P152.8bn the year before.
Travellers saw the biggest increases in the first quarter with revenues increasing by 60 per cent. Genting Group will now focus on its casino in New York and rennovating its casinos in Singapore and Malaysia