Scientific Game

Resorts World Manila IPO: It's Back

Monday, 30 September 2013 00:31
Share
Visit us

Travellers International Hotel Group is reviving plans to raise up to US$500 million with a public offering of shares in its Resort World Manila casino and hotel complex.

A report in The Wall Street Journal says the joint venture wants to start taking orders from institutional and retail investors early in October and list on the Philippine Stock Exchange by the end of the month. Citing sources involved in the deal, the Journal says bankers have been speaking to potential investors to take up what are known as “cornerstone” stakes in the IPO.

Cornerstone investors buy into an offering before it’s officially launched, usually pledging to hold their shares for a fixed period, reducing the risk of a sell-offafter the listing.

Resorts World Manila is the Philippines’ largest and most lucrative casino, and Travellers wants to expand both its gambling and extensive non-gambling offering by adding 1,100 more hotel rooms to the existing 1,500 or so, together with a convention center and other attractions. The company also holds one of the four gaming licenses at the Entertainment City development zone on Manila Bay, where it plans to build a destination-scale casino called Resorts World Bayshore currently priced at $1.1 billion.

The IPO, first announced in the spring, will provide part of the funding for both. The company originally hoped to raise up to $1 billion, and a July filing with the PSX called for a sale of up to 1.57 billion shares. But Asia’s markets, red-hot in the first half of the year, had cooled by that point—the Philippines’ benchmark PSE Composite Index, which had surged 27% through May, had lost most of those gains over the summer—and Travellers downsized the offering and finally pulled it altogether.

If it is successful this time the listing will be the largest in the Philippines this year, according to the Journal.

Travellers is 50-50 owned by Hong Kong-listed Genting Hong Kong, a subsidiary of Genting Malaysia, the global gaming arm of Malaysian conglomerate Genting Group, and Alliance Global Group, a PSX-listed corporation with extensive holdings in the Philippines in commercial and residential property and food and beverage.

What's new

IGT forms joint venture to provide lottery products in China Global gaming giant IGT has formed a Chinese-foreign equity joint venture with Shenzhen Tian Lian Cai Investment Co Ltd – a subsidiary of Chinese conglomerate Telling Telecommunication Holding Co Ltd – to provide innovative lottery products to regulated Lottery Centers in the People’s Republic... Thursday, 27 July 2017 22:53

Genting Singapore tipped to outperform MBS in mass

Genting Singapore tipped to outperform MBS in mass Genting Singapore is tipped to outperform its Singapore rival Marina Bay Sands (MBS) in the mass market segment, according to Morgan Stanley analysts, with property EBITDA estimated to come in at SG$270 million when the former releases its 2Q revenue results in the coming weeks. The prediction foll... Thursday, 27 July 2017 22:43

Pachinko leader Dynam sees revenue decline as high limit players stay away

Pachinko leader Dynam sees revenue decline as high limit players stay away Japan’s pachinko market leader, Dynam Japan Holdings, saw its revenues decline in the three months to 30 June 2017 due to “a harsh environment” that has seen a fall in the number of customers playing in its high playing cost halls. In its 2Q earnings release, filed with the Hong Kong Stock Ex... Thursday, 27 July 2017 22:14

City of Dreams Manila, Studio City growth behind Melco Resorts revenue surge

City of Dreams Manila, Studio City growth behind Melco Resorts revenue surge A massive 80.6% increase in revenue at Studio City in Macau and 46.6% growth at City of Dreams Manila has propelled Melco Resorts & Entertainment Ltd’s strong 2Q results, with revenue for the company up 21% year-on-year to US$1.3 billion. On a US GAAP basis, operating income for the second qu... Thursday, 27 July 2017 21:56

Current Issue

Shining Star- Matt Bekier

Shining Star- Matt Bekier When Matt Bekier was appointed CEO of Star growth expected when 2017 results are released later this year and entertainment Group – then known as echo entertainment – in 2014, the company was reeling from a 30.5% fall in profits, plunging share prices and ongoing public relations nightmares incl... Wednesday, 26 July 2017 08:08

Beating the odds, changing the game

Beating the odds, changing the game By Muhammad CohenWith customers literally breaking down the doors at its May 2004 opening, Sands Macao demonstrated Macau’s untapped mass market potential. Thirty-eight months later, the Venetian Macao tapped that potential – and it was a gusher. The success of the Venetian, which instantly beca... Wednesday, 26 July 2017 07:54

View from the top

View from the top Inside Asian Gaming speaks to Aristocrat’s recently promoted CEO Trevor Croker about his first few months in the top job and his plans for maintaining the slots giant’s winning momentum.   Inside Asian Gaming: You’ve been CEO for a little over four months now. How have you found the role so... Wednesday, 26 July 2017 07:37

From Uber to Amazon

From Uber to Amazon By: Dr Peter T Treadway In his latest column for Inside Asian Gaming, Dr Peter T Treadway explains why regions like Macau and Hong Kong must support tech business as the way of the future.   Since issuing the last Dismal Optimist in May, tech stocks roared upward. That is until the afternoon of... Wednesday, 26 July 2017 07:19