Travellers rejigs project priorities

 

Travellers International Hotel Group Inc. will prioritize the expansion of its existing Resorts World Manila casino hotel complex near Manila International Airport over the development of Resorts World Bayshore in the Entertainment City complex following the postponement of its initial public offering earlier this month amid volatile markets. The company, a joint venture between Malaysia’s Genting Group and local Alliance Global Group Inc., had sought to raise up to $600 million toward the $1.1 billion cost of the new casino hotel complex but instead now intends to spend that amount to open two new phases of the existing complex over the next three years and push back the opening of the first phase of the new one a year or two from its original 2016 target. The company aims to finish a convention center addition next year, expand the Marriott hotel in the complex in 2015 and add Hilton and Sheraton hotels to Resorts World Manila in 2016. Kingson Sian, president, said the complex is drawing 18,000-20,000 visitors a day and that the IPO might be re-launched in the last four months of the year or the company may issue debt.