Philippines conglomerate Alliance Global Group Inc (AGI) says it plans to spend Php4 billion (US$75 million) on expansion projects at its jointly owned integrated resort, Resorts World Manila, this year.
Part of a wider Php60 billion (US$1.1 billion) capital expenditure plan across its many business arms in 2022, AGI said it would provide funding to RWM parent Travellers International Hotel Group Inc’s ongoing expansion projects, “mainly in leisure and entertainment.”
This, it explained, follows RWM seeing its gross gaming revenues on the rise in recent months on eased quarantine restrictions, propelled by its “reinvigorated” VIP business.
“The entire [RWM] complex is now open to MICE activities, while its world-renowned hotels such as Marriott Manila, Sheraton Manila, Hilton Manila and Hotel Okura Manila accept more staycationers, further improving footfall in the area.”
“We are a conglomerate in motion,” said AGI’s CEO, Kevin Tan. “We believe that with the sectors we are in, we will very much benefit from pent-up spending resulting from the further reopening of the economy.
“Our group anchored itself on stability and recovery over the last two years of grappling with the impact of the pandemic. We have since focused on renewal and revitalization — both pointing to our upbeat, more confident view of the future. This shift in mindset would not have been possible without the insights and innovations derived from such challenging times, and the affirmation that our businesses continued to stand on strong ground.
“From where we are now, there is no other way to go but move forward, laying out the foundations of a better tomorrow.”
AGI’s other interests include real estate development via Megaworld Corporation; spirits manufacturing through Emperador Inc, the Philippines’ McDonald’s franchises through Golden Arches Development Corporation (GADC) and infrastructure development through Infracorp.
