Genting Hong Kong Finalizes Exit
Genting Hong Kong has officially exited the Philippine gaming scene, wrapping up the transfer of its interests in Newport World Resorts, Manila, to Alliance Global Group (AGI). This move follows a transition period of over three years since initial agreements were made. The sale hands ownership to AGI’s subsidiary, Newport World Resorts Properties, Inc (NWRPI), effective from July 15th, encompassing shares from entities such as Star Cruises Philippines Holdings and Asian Travellers Ltd.
Completion of Share Agreement
The agreement, originally signed on May 30th, 2023, has reached fulfillment with all necessary conditions met, per the Securities and Exchange Commission. This transaction marks the end of Genting Hong Kong’s involvement with Travellers International Hotel Group, Inc (TIHGI) and its affiliates, including Westside City Inc (WCI) and Adams Properties, Inc (API). The financial terms remain undisclosed.
Ending a Long-Standing Partnership
This transition concludes a partnership dating back to 2009, when the property was known as Resorts World Manila, co-owned by AGI and Genting Hong Kong at 60% and 40% stakes, respectively. The establishment was rebranded to Newport World Resorts in mid-2022, aligning with Genting’s liquidation proceedings which culminated in its delisting from the Hong Kong Stock Exchange in May 2023.
Full Control to Alliance Global Group
With this transaction, AGI now assumes complete control over TIHGI and WCI, consolidating its operations under a single ownership. This strategic move significantly strengthens AGI’s foothold in the Manila gaming sector and lays the groundwork for future expansions in Entertainment City.
Implications for the Market
This development represents a pivotal shift in the region’s gaming landscape, as Alliance Global Group consolidates its portfolio. The move potentially opens avenues for renewed developments and expanded operations within the high-demand Entertainment City precinct, fostering growth and innovation in the Filipino gaming market.
Conclusion
Genting Hong Kong’s exit from the Philippine gaming arena marks the end of an era, paving the way for Alliance Global Group’s enhanced strategic position. The full control over crucial gaming assets suggests a promising horizon for AGI in the rapidly evolving industry in Manila.