Genting revealed that the new casino project in Manila is on track to open in 2020.
Philippines.- Genting Hong Kong Ltd announced on Thursday that the upcoming Westside City Resorts World casino is still on schedule to open in 2020. The casino will be the second one from the casino and cruise ship investor in the capital of the Philippines.
Genting already operates Resorts World Manila in the Philippines through a venture with local Alliance Global Group Inc called Travellers International Hotel Group Inc, which is currently developing the upcoming casino in a zone called Entertainment City in Manila, GGRAsia reported. During a filing to the Hong Kong Stock Exchange, Genting said: “The Westside City Resorts World will be a 31-hectare [76.6-acre] property situated in … Entertainment City and is projected to have at least 1,500 hotel rooms.” The casino that was formerly called Resorts World Bayshore City was originally expected to be functional by 2018.
Travellers International reported a net loss of US$6.1 million earlier this week for the second quarter of 2017. The results were severely influenced by Resorts World Manila, which suffered an attack earlier this year and had to shut down its operations for more than a month.
Moreover, the company revealed that it has decided to cut down its stake in the Norwegian Cruise Line Holdings (NCLH) and will sell 3.29 percent of its shares to third party investors. The operator has agreed with shareholders Apollo Funds and TPG Fund to sell a 6.58 percent of its investment (15 million ordinary shares), leaving Genting with about 7.84 stake at the company. There’s still no fixed priced for the sale, but projections have Genting Hong Kong booking a net gain of nearly US$90.1 million from the sale of a 3.29 stake that’s currently controlled by its subsidiary Star NCLC Holdings Ltd.