MANILA, Philippines -- Philippine conglomerate Alliance Global Group, Inc. (AGI) said Tuesday that it is starting construction of its tourism and gaming project at PAGCOR's Entertainment City Manila next year.
AGI President and Chief Operating Officer Kingson Sian made the announcement and added that AGI, through its subsidiary Travellers International Hotel Group, will finance the project this year via internally-generated revenue pegged at Php35 billion or US$807 million. Sian said that the company currently has between Php 60 and Php 70 billion in its coffers and may have to tap the debt market in 2013 for further funding needs.
AGI is one of four licensees in the ambitious PAGCOR project on 100-hectares of reclaimed land along Manila Bay. AGI is building Resorts World Bayshore City as well as three other hotels in its 31-hectare appropriation which is expected to feature over 800 rooms, gaming and entertainment areas that will be themed to be family-oriented. AGI expects the project to cost about US$ 1.1 billion.
Aside from the gaming and tourism sector, AGI holds interests in food and beverages, real estate, and is the local franchise holder of McDonald's in the Philippines. In 2009, AGI brought the Resorts World brand locally with the opening of Resorts World Manila in Newport City in Pasay City.
