Alliance Global Group, Inc (AGI) has agreed to infuse Php7.8 billion (US$152 million) into Travellers International Hotel Group, Inc in order to help it fulfil current financial obligations.
Travellers, a joint venture partnership between AGI and Genting Hong Kong – of which AGI holds a majority 56.8% – operates Resorts World Manila (RWM).
According to a filing with the Philippine Stock Exchange, the infusion is related to an increase in paid-up capital being offered by Travellers. It will, AGI said, help “augment the working capital of Travellers [and] will afford AGI’s entertainment and hotel business the opportunity to keep current with its obligations and catch the window of business recovery with the easing of COVID-19 restrictions.”
Full details of the paid-up capital increase have not been made public by Travellers, which delisted from the Philippine Stock Exchange in 2019.
RWM most recently reported gross gaming revenue of Php4.9 billion (US$97.5 million) for the three months to 30 September 2021, up 53% year-on-year and 46% quarter-on-quarter.
While 4Q21 results have not been released, Manila is well placed to continue its recovery from the COVID-19 pandemic with the dropping of all capacity restrictions from 1 March.
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