Philippine conglomerate Alliance Global Group (AGI) has announced it will allocate approximately Php5 billion (US$87.2 million) over the next year for expansion projects under its gaming and leisure subsidiary, Travellers International. This includes the development of a new luxury hotel featuring VIP gaming within its Newport World Resorts (NWR) complex.
Details of the new hotel, to be named The Narra Palm Hotel and Villa, were released Thursday following AGI’s Annual Stockholders’ Meeting. Described as a “truly Filipino luxury destination,” The Narra Palm will offer 157 hotel suites and villas, along with private gaming suites for VIP guests – “offering bespoke experiences and world-renowned Filipino hospitality,” according to AGI.
Part of the investment will also support previously announced hotel and casino projects within the group’s townships in Boracay and Cebu, as well as the soon-to-open Westside City development in Manila’s Entertainment City.
In October, AGI revealed plans to invest US$300 million into a casino resort project in Boracay — the company’s first major expansion outside Newport World Resorts – located within Megaworld’s 150-hectare Boracay Newcoast township.
Thursday’s announcement also included a broader commitment to invest Php59 billion (US$1.03 billion) across the AGI group over the next year, with Php50 billion (US$872 million) earmarked for various Megaworld development projects.
“We believe there are many opportunities here and abroad where our businesses can grow – particularly in the consumer, real estate, leisure, and tourism sectors, where we hold built-in competitive advantages,” said AGI President and CEO Kevin Tan. “Our capital investments will continue to focus on market expansion and strengthening our operational capacities.”
