MANILA, (PNA) — Travellers International Hotel Group Inc., the developer and operator of Resorts World Manila (RWM), has embarked on the expansion of the integrated casino resort, confident about the prospects of the Philippine gaming industry.
“We believe that there is growth in the market locally and also internationally. We are also quite encouraged with the government efforts to promote tourism,” Travellers President Kingson Sian told reporters after the company debuted at the Philippine Stock Exchange on Tuesday.
Sian said a “number of good competitors” also augur well for helping promote the entire country.
Company chairman David Chua believes that the Philippine gaming sector is still far maturing and could grow and compete with its neighbours.
“When it comes to entertainment, there is no country like the Philippines in Asia. Everyone should accept that,” he said.
Chua said the country thus needs to capitalize on the uniquely Filipino brand of hospitality which it is known for.
Meanwhile, Sian said the company is on track to completing its US$ 650-million expansion project by 2017.
He said the P20.3-billion initial public offering (IPO) will fund Phase 2 and 3 of Resorts World Manila.
Phase 2 involves the expansion of Marriot Hotel Manila and the grand ballroom which are targeted for completion in 2014 and 2015.
Phase 3, meanwhile, covers the expansion of Maxims Hotel and the construction of five-star Hilton Manila and Sheraton Hotel Manila.
“We (also) have a large casino area plus retail spaces. All of that will be finished by 2017,” he said.
Travellers is the sixth company to go public this year after Philippine Business Bank, Asia United Bank, Del Monte Pacific Limited, AG Finance Inc and Harbor Star Shipping Services Inc.
“Aside from the bullish outlook in the gaming and tourism industries, the impressive numbers we’ve seen from Resorts World Manila has also been made possible by the expert management of the business by the companies behind Travellers International, Alliance Global Group and Genting Hong Kong Limited,” said PSE Chairman Jose T. Pardo.