Alliance Global Group (AGI), the parent company of Newport World Resorts operator Travellers International Hotel Group Inc, says it could spend up to US$2 billion on two boutique casino-resort projects currently underway in its townships in Boracay and Cebu.
The spend would, it explained, include investment into surrounding facilities such as additional hotels and new MICE facilities.
The update formed of a clarification announcement filed with the Philippine Stock Exchange (PSE) following local media reports which highlighted the US$2 billion figure.
AGI and Travellers have previously revealed plans to spend US$300 million on a boutique IR at Boracay Newcoast and told the PSE it is building new hotels in support of the project. AGI has already completed the Boracay Newcoast Convention Center with a 1,200-seat capacity.
The company also last year outlined plans to spend US$300 million on a similar project in Mactan Newtown, Cebu – an area that will include new hotels and the Mactan Expo Center with a 2,500-seat capacity.
In Monday’s filing, AGI said, “There is a possibility that the … collective investment in the above-mentioned integrated resort projects could hit US$2 billion in view of its collective long-term growth plans, and could be considered as the company’s indicative investment that is forward-looking in nature.”
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