Alliance Global Group (AGI), the parent company of Newport World Resorts operator Travellers International Hotel Group Inc, has revealed it will spend around US$300 million on its previously announced casino resort project in Boracay.
The update formed part of the company’s response to a query from the Philippine Stock Exchange, which referenced local media reports that cited an earlier interview Inside Asian Gaming conducted with AGI CEO Kevin Tan.
In that interview, Tan revealed that a casino in Boracay would be the company’s first expansion project outside of Newport World Resorts and would be located within subsidiary Megaworld’s 150-hectare Boracay Newcoast township.
In Monday’s filing, AGI again confirmed the project and revealed the estimated cost would be US$300 million – to be developed under another of its subsidiaries, Boracay Newcoast Resorts, Inc (BNRI).
The project “will be smaller in size than its Integrated Resort and Casino Project, Newport World Resorts,” the company explained. “Given this, its prospective financial impact on BNRI and AGI would also be smaller as compared to that of NWR. The Group commits to infuse US$300 million to the project, in accordance with BNRI’s provisional license with PAGCOR.”
Tan recently revealed while delivering a keynote address at the IAG Academy Summit at Newport World Resorts in September that it would embark on another US$400 million casino-resort project within Megaworld’s Mactan Newtown township in Cebu.
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