Alliance Global to acquire Genting HK stake in Travellers International
Travellers International Hotel Group is the operator of Newport World Resorts.
The Philippines.- Alliance Global Group has announced an agreement to acquire Genting Hong Kong’s stake in Travellers International Hotel Group, the operator of Newport World Resorts. Prior to the deal, Alliance Global already held a 60 per cent stake. Financial details of the agreement remain undisclosed at present.
The Newport World Resorts casino complex (formerly Resorts World Manila) has reported that revenue was up 62.9 per cent year-on-year to PHP7.9bn (US$140.9m) in the first quarter of the year. GGR was up 36.2 per cent to PHP8.89bn (US$155.2m).
In 2022, the company reported casino gross gaming revenue (GGR) of PHP31.83bn (US$568.4m), up 90.3 per cent compared to 2021 but down 51.9 per cent when compared to 2020.
Genting Hong Kong to delist from Hong Kong Stock Exchange
Earlier this month, Genting Hong Kong announced through a company filing that it had cancelled its listing on the Hong Kong Stock Exchange. The last day of the listing of the shares was May 15.
In January 2022, Genting filed for liquidation after a German court rejected a request to release US$88m for its shipyard unit MV Werften. Last July, the cruise ship operator reported that various non-core subsidiaries had entered into insolvency proceedings in the relevant jurisdictions, including Australia, Hong Kong, Malaysia, Singapore and the United States.
