Genting Group and its Philippine partners are reported to be testing the waters for an initial public offering of shares in their popular casino, hotel and entertainment complex at Resorts World Manila.
A decision whether to proceed with an IPO will be made in a week, says The Wall Street Journal, citing a source with knowledge of the deal. If successful it will be the Philippines’ largest offering this year, sources told the newspaper.
Travellers International Hotel Group, the joint venture between Genting Hong Kong and Philippines-listed real estate conglomerate Alliance Global, filed a draft prospectus for an IPO last month with a view to gauging investor interest in their expansion plans, which include a US$1.1 billion mixed-use casino and leisure complex, Resorts World Bayshore, under development at Manila’s new Entertainment City district.
Resorts World Manila, which opened across from the international airport in August 2009, now comprises three hotels, a shopping mall, cinemas and a performing arts theater. The site of the country’s largest casino, it has been far and away the Philippines’ market leader in gaming revenue.
Entertainment City’s resorts will be looking to challenge that lead. The first, Solaire Resort & Casino, owned by PSX-listed Bloomberry Resorts, opened in March, and two more are planned in addition to Resorts World Bayshore.