Within the next three months Andrew Tan and his group are expected to turn the first sod of the Resorts World Bayshore City, a new gaming hub, which was originally supposed to start a couple of years ago. The hub will be erected in Pagcor Entertainment City. Tan and company plan to complete the first phase of the massive project by the year of 2018.
Resorts World Bayshore City is a joint venture between Genting Group that belongs to Malaysia and Alliance Global Group Inc. (AGI), owned by Andrew Tan. Construction was first planned to begin in 2012 but was delayed because the property in Entertainment City that would be replaced by the new resort wasn’t demolished on time, explained Kingson Sian, President of AGI.
According to the group, the land parcel is 31 hectares, with the first phase to occupy less than a third of the property itself. What will be included in the first phase are a bunch of residential towers, shopping mall, grand opera house seating 3000 people, three hotels housing 800-plus rooms and a gaming area which is expected to be much bigger than Newport City’s Resorts World Manila. So far two hotel brands have been appointed to open doors to the public within the Resort – Japanese Okura and Westin Hotels & Resorts. They still haven’t determined the third hotel brand to take part in the first phase of the project.
AGI express confidence that the delay of the new construction work will bring nothing but advantages. According to the company, since this project is the last of four casinos and resorts in Entertainment City, this will give Resorts World Bayshore City the opportunity to add new attractions, never seen before in the area.
The company which holds the casino license for this group in the Philippines is Travellers International. It is also the consortium between Genting and AGI.
For the construction of the new complex there will not be raised fresh equity, Sian explained. He said that the net cash of the gambling company is sufficient to cover the expenses of the project, as AGI subsidiaries assisted the construction. According to Sian, even though the net profit gets lower and lower every year because the profit from fast-food, hotel and gaming businesses is slower, in the first half of the year the company scored strong results. The net cash equals Php7.5 billion.
Silan also added that the the company has $1.1 billion total investment for the project but the money that will be spent on the first phase is still not determined. AGI is likely to make another, detailed announcement by this October.
