Tycoon Andrew Tan is buying out the stake of its partner Genting HongKong Ltd. in Travellers International Hotel Group, Inc. (TIHGI) which owns the Newport World Resorts gaming and leisure complex.
In a disclosure to the Philippine Stock Exchange, Tan’s investment holding company Alliance Global Group, Inc. said its subsidiary Newport World Resorts Properties, Inc. (NWRPI) has entered into a share purchase agreement with the Genting Group.
This will be for the acquisition of the shares, upon fulfillment of certain conditions, of Star Cruises Philippines Holdings B.V., Asian Travellers, Ltd. and Premium Travellers Ltd. (Sellers) in TIHGI, TIHGI subsidiary Westside City Inc. (WCI), and TIHGI shareholder Adams Properties, Inc. (API).
The ultimate parent entity of the Sellers is Genting HongKong Ltd while AGI and API are shareholders of TIHGI. AGI also owns shares in API while WCI is a wholly-owned subsidiary of TIHGI.
“Upon completion of the foregoing transactions, Genting HongKong Ltd. will cease to hold a stake in TIHGI, WCI and API,” said AGI which did not disclose the acquisition cost.
Last year, TIHGI renamed its flagship Resorts World Manila (RWM) to Newport World Resorts. Resorts World is a brand of the Genting Group.
In a statement, Newport World Resorts said “the country’s premier lifestyle and entertainment destination Resorts World Manila (RWM) is setting a new milestone in the company’s continuing history by rebranding into Newport World Resorts.”
It noted that, “Having successfully pioneered the integrated resort concept in the Philippines back in 2009, the well-established brand is taking a bold step into newer and bigger things.”
“The name change reflects a shift in perspective for the brand to present itself as the most innovative, dynamic, and comprehensive casino, hotels, and entertainment complex in the country,” the firm said.
“Newport World Resorts (NWR) is reinventing the brand to bring together its pioneering integrated resorts and the best of its community within the sprawling Newport City complex,” it added.
This came as Genting Hong Kong was undergoing liquidation and has been selling its assets.
AGI had not yet bought out Genting from Travellers but had announced an infusion of P7.8 billion into the joint venture to help it meet obligations.
Making the most of its two main wings, the Newport Grand Wing and the Newport Garden Wing, NWR’s casino offers a wide array of gaming thrills.
International hotel brands, Marriott Manila Hotel, Sheraton Manila Hotel, Hilton Manila, Hotel Okura Manila, and Holiday Inn Express Manila - Newport City continue to provide premium stays for every type of traveler.
The complex also features the Newport Mall and Newport City’s retail and dining outlets while enterntainment options range from the Newport Performing Arts Theater to The Grand Bar and Lounge to Bar 360 and El Calle Food and Music Hall.
The sprawling property also features a wide range of Meetings, Incentives, Conferences, and Exhibitions (MICE) venues, including a three-story convention center that houses the country’s largest hotel ballroom, the Marriott Grand Ballroom.