Newport World Resorts, formerly Resorts World Manila, is benefiting from a post-pandemic tourism … [+] boom.
COURTESY OF ALLIANCE GLOBAL
Alliance Global—controlled by spirits and property billionaire Andrew Tan—will spend about $700 million in its casino projects in the central Philippine islands of Boracay and Cebu, two of the country’s popular tourist destinations, to tap into the post-pandemic travel boom.
Tan’s publicly-listed holding company Alliance Global is operating its existing integrated casino resort, Newport World Resorts just outside the country’s main international airport.
Alliance Global, which holds Tan’s controlling interest in the world’s largest brandy-maker Emperador, is also constructing eight new hotel with a total of 4,000 rooms, the tycoon’s son and heir-apparent Kevin Tan said last week at a gaming conference held in Manila.
Once completed, Alliance Global will have a portfolio of 27 hotels with 12,000 rooms by 2030, from its existing 8,000 rooms spead across 19 properties. “Our business is on an upward trajectory,” said the younger Tan, president and CEO of Alliance Global, in his speech at the conference, a copy of which was furnished to Forbes Asia. “Right now, we see so much demand for premium hospitality accommodations from both international and domestic markets.”
Alliance Global will invest $400 million to build a casino within the group’s township on Mactan Island in Cebu City. Targeted for completion by 2026, the project is expected to create at least 5,000 jobs, the younger Tan said.
The casino resort in Boracay, known for its powedery white sand beaches, will be built within the group’s 150-hectare township, which has an existing 18-hole golf course and a almost 2,000 hotel rooms. Tan didn’t provide financial details but local media reports estimate the project, which is expected to be completed next year, will cost $300 million.
Alliance Global and former partner, Genting Group, opened its first casino in 2009, one of the four integrated casino resorts licensed by government to for a gaming and entertainment hub in Manila. Last year, it bought out its Malaysian partner.
Besides his stakes in Emperador—owner of Bodegas Fundador, Spain’s oldest and largest maker of brandy, and whiskey brand Dalmore—and listed developer Megaworld, Andrew Tan also holds an interest in the Philippine franchisee of McDonald’s. The self-made tycoon has a net worth of about $1.9 billion, according to Forbes’ real-time data.
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