Genting Group and Philippine partner Alliance Global Group Inc. have hired banks for a planned $500 million initial public offering for their joint venture Travellers International Hotel Group to raise funds for the $1.1 billion Resorts World Bayshore casino hotel project. The venture already operates Resorts World Manila, which opened near the city’s international airport in 2009. The Bayshore project is scheduled to open in 2016 in Manila’s Entertainment City, already home to Bloomberry Resorts Corp.’s Solaire casino hotel.
Melco Crown (Philippines) Resorts Corp. meanwhile completed a $377 million share offering to help fund construction of its own joint venture Entertainment City project. The sale was priced at the top of the expected range of 11-14 pesos and was six times oversubscribed. The offering raises the free float of the local unit of Melco Crown Entertainment Ltd. to 30.4 percent from 10 percent.