Building Work on Long-Awaited Manila Casino to Begin in 2019
Construction work for a second casino in Manila, which involves giant Philippine conglomerate, Alliance Global Group, will be started in early 2019 and is expected to be completed by 2020.
In an interview with Manila Times newspaper, the CEO of Alliance Global Group, Kevin Tan said that construction for the casino will start in Westside City in early 2019 and will finish by 2020. Alliance will develop the project through its property arm called Megaworld Corp. In June earlier this year, Kevin Tan took over the role of CEO from his father, Andrew Tan.
The project, once completed, will be the location for Westside City Resorts World. This is a resort that is developed by the well-known group, Travellers International Hotel Group Inc, which is an alliance between Genting Hong Kong Ltd. And Alliance Global.
Westside city Resorts World was previously called “Resorts World Bayshore,” and after that, “Bayshore city Resorts World.” Even though it was initially expected to be ready by 2018, it appears the date has been changed and punters in Manila will have to wait for another year.
Alliance to spend a whopping US$2.30 billion for project
According to a report released earlier this week, Alliance Global, through Megaworld Corp, will spend as much as PHP121 billion, equal to US$2.30 billion for the development of Westside City. Alliance Group mentioned that it would spend this amount in its filing to the Philippine Stock Exchange, submitted in February.
In addition, an announcement made back in February mentioned that the casino at Westside City will be a part of what is called a “leisure and entertainment township,” located in he Entertainment City zone, which is the Manila Bay area. This leisure and entertainment township will be as big as 31 hectares or 76.6 acres.
Currently, Resorts World Manila casino resort, which is located right next to Manila International Airport at Newport City, is operated by Travellers International. In the coming years, Newport City is expected to be home to several new hotels including Hotel Okura Manila and the Sheraton Hotel Manila, both of which will be opened in 2019. In addition, the Ritz-Carlton will also be opened in Newport City by 2020.
For Q3 2018, Travellers International posted that its total net profit was as much as PHP134.2 million, much of which is a result of higher revenue on gaming.