AGI to invest US$1.29bn to support growth initiatives

Alliance Global Group aims to boost growth across its real estate, hospitality and restaurant sectors.

The Philippines.- Alliance Global Group (AGI) announced on Thursday (July 18) that it plans to allocate PHP75bn (US$1.29bn) this year for capital expenditures (capex). Megaworld will receive PHP55bn, Travellers International Hotel Group (TIHGI), which owns and operates Newport World Resorts casino complex PHP10bn (US$172m) and Emperador and Golden Arches Development PHP6.5bn and PHP4bn, respectively.

AGI said part would be used to build the Grand Opera House, theatres and cinemas in Westside City, benefiting Suntrust Resort’s Westside City project. The project is expected to open in the first quarter of 2025.

AGI president and chief executive officer Kevin Tan said: “AGI remains steadfast and dedicated to driving growth across all its business segments, mindful of its goal to elevate global consumer preferences through aspirational product offerings.”

See also: Travellers International Hotel Group appoints Laurence Hawke as CFO