LISTED Resorts World Manila operator Travellers International Hotel Group Inc. is set to start the construction of its new integrated resort, hotel and casino development Resorts World Bayshore in December.
Kingson Sian, president and chief operating officer of Travellers’ parent firm Alliance Global Group Inc. (AGI), told reporters that the 31-hectare Resorts World Bayshore at the Bagong Nayong Pilipino Entertainment City complex in Parañaque City will “take 90 days to start” construction.
“Phase 1 will cost P1.1 billion and can go higher, and the development will be done in phases. We’re estimating figures as of now, but construction [for Phase 1]will take 90 days to start,” Sian said.
“With the opening, we will have a period of market adjustment…12 months after the opening, revenues will stabilize eventually,” he added.
Asked about the firm that will develop the project, Resorts World Bayshore Corp., Sian gave no details other than saying “it will be eventually owned by Travellers.”
Out of the 31 hectares, Sian said Phase 1 will be “less than a third” or 16 hectares in gross area where three new hotel brands with more than 800 rooms, casino and window shops, and a 3,000-plus seater theater auditorium, will rise.
The three hotel brands include “Hotel Okura, Westin Hotel and a hotel brand owned by our partner,” Sian said.
The AGI president said that the company plans to raise funds via debt—not equity—to finance the integrated entertainment development.
Development of Phase 1 of Resorts World Bayshore is expected to finish by 2018.
Travellers grew its first semester net income by 25 percent to P2.9 billion compared to P2.3 billion a year ago on the back of strong hotel occupancy at Maxims, Remington, and Marriott hotels within Resorts World Manila.
For 2014, the company has earmarked P7 billion for capital expenditures to speed up Resorts World Manila’s Phase 2 and Phase 3 expansion, which would add 2,400 hotel rooms by 2017.
Phase Two involves expansion of the Marriott Hotel Manila with construction of the Marriott Grand Ballroom and additional rooms through the Marriott West Wing. The Grand Ballroom is set to open in March next year, while the Marriott West Wing will be operational by end-2015.
Phase Three consists of three hotels: Hilton Manila, Sheraton Hotel Manila, and an extension of Maxims Hotel including a new gaming area, additional retail space and six basement parking decks, all of which will be finished before the fourth quarter of 2017.
Incorporated in 2009, Travellers International is primarily engaged in hotels, restaurants, leisure parks, entertainment centers, and other related businesses like holding investments in casinos and other gaming activities.
The first complex to start operations at the Entertainment City was Solaire Resort & Casino of Bloomberry Resorts Corp., which opened in March last year.
Other facilities rising in the area are The Manila Bay Resorts of Tiger Resorts and Entertainment Inc. (a subsidiary of Japan-based Universal Entertainment Corp.) and the $680-million City of Dreams Manila by Melco Crown (Philippines) Resorts Corp. and Belle Corp.