AGI to invest US$300m in new IR in Boracay
President and chief executive officer Kevin Tan says the IR will be the first of two expansions outside Metro Manila.
The Philippines.- Alliance Global Group (AGI) plans to allocate US$300m for the development of a new integrated resort (IR) in Boracay. In an interview, AGI president and chief executive officer Kevin Tan said the company aims to open Boracay World Resorts by the end of 2025.
The project’s specifics are still being finalised, but Tan said the casino part will not be extensive. He said: “It will be a boutique casino. We do not want to have a very big structure in Boracay. What we want is just the right size for the island. And we’re also imploring a more sustainable design to go well with the island.”
Tan said Boracay World Resorts will be one of an initial two expansions outside Metro Manila being pursued by the company’s leisure and tourism arm, Travellers International Hotel Group (operator of Newport World Resorts casino and leisure complex in Manila).
“Our group owns a 150-hectare township called Boracay Newcoast, featuring an 18-hole golf course, a one-kilometre private beach, and nearly 2,000 hotel rooms. Travellers International is also building an integrated resort with villas and hotel suites,” he said.
Travellers is also dedicating approximately US$400m to develop a new integrated resort in Cebu called the Mactan World Resorts. It aims to begin commercial operations at the end of 2026. Mactan World Resorts will feature a hotel, resort, and casino and is expected to create over 5,000 new employment opportunities for the residents of Lapu-Lapu City and nearby cities and municipalities.
AGI posted net revenue of PHP23m (US$7.4m) in Q2. Gross revenue was up 17 per cent year-on-year at PHP10.9bn (US$191m), mainly due to “the sharp 20 per cent quarter-on-quarter expansion in gross gaming revenues.” Non-gaming revenue was up 8 per cent sequentially while gaming revenue grew by 20 per cent.
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