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Genting’s RWM earmarks RM2b for expansion

KUALA LUMPUR: Genting’s Philippines-based Resorts World Manila (RWM) is spending about US$650 million (RM2.06 billion) to double its gaming and hotel capacity there, the Philippine Daily Inquirer reported yesterday.

This is part of RWM’s preparation to face stiffer competition after it became the Philippines’ first privately-operated integrated gaming resort.

According to the report which quoted RWM chief operating officer Stephen Reily, RWM welcomes new competitors such as Bloomberry Resort Corp’s Solaire Resort and Casino (formerly known as Solaire Manila) and the upcoming City of Dreams Manila by the SM-Melco Crown partnership.

Reily said competition was beneficial for Philippine tourism and gaming industries. He said on an average day, some 18,000 patrons visited RWM but the number increased to between 32,000 and 34,000 during “busy days”.

“We’re the first integrated resort and even during the [US-epicentered] financial crisis at that time, you saw new investment coming into the country. We saw the potential here and others followed.

“For us, it’s healthy. It’s also competition but it’s also spotlighting the Philippines as well,” he was quoted as saying.

RWM, which recently turned five, is located in Newport City, Manila. It was developed and is being operated by Travellers International Hotel Group Inc, a joint venture between Alliance Global Group Inc and Genting Hong Kong Ltd.

Alliance Global’s website indicates that the group is one of the Philippines’ largest conglomerates. The group, controlled by the Tan family (Philippines’ businessman Andrew L Tan), is involved in food and beverage besides real estate development operations.

Singapore and Hong Kong-listed Genting Hong Kong undertakes a part of Malaysia-based Genting group’s international casino and resort operations. Genting group, which owns the Resorts World Genting in Malaysia, has also replicated its operations in Singapore and New York. Bloomberg data showed that Malaysia-listed Genting Bhd chairman and chief executive Tan Sri Lim Kok Thay owns 57.82% of Genting Hong Kong.

Resorts World Manila, in Newport City, receives a daily average of 18,000 patrons but the number is between 32,000 and 34,000 during ‘busy days’, according to Reily.



This article first appeared in The Edge Financial Daily, on August 21, 2014.

 

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