Travelers allocate US$205M for expansion in 2014

Travelers International Hotels Group said it will allocate up to 9 billion pesos ($205 million) in 2014 for the resort's World Manila expansion, with plans to add more gaming space and hotel rooms.

The casino operator said on Friday after its annual shareholders' meeting that it ended 2013 in net cash status of 8.1 billion pesos, which could quickly track its Phase 2 and Phase 3 projects. Those two phases are expected to cost $650 million in total.

Travellers International Hotel Group Inc is a joint venture between Alliance Global Group Inc, based in the Philippines, and Genting Hong Ltd, a subsidiary of Genting Bhd in Malaysia.

The company's total sales amounted to 33.4 billion pesos in 2013. The total sales of games (GGR) contributed 30 billion pesos of its 2013 sales.

In the first quarter of 2014, the GGR declined 23.4% to 7.21 billion pesos but posted a profit of 1.72 billion pesos from 995.4 million pesos a year earlier.

Resort World Manila opened in 2009 and is currently expanding. The expansion of Marriott Hotel Manila and phase two of adding 227 rooms should be ready by the end of 2015.

Phase 3 will consist of a new gaming zone and two new hotels - Hilton Manila and Sheraton Hotel Manila, Travelers said in a statement. Phase 3 will be completed by 2017.

BY: 실시간 바카라사이트

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