Edited by Isha000 at 2023-9-11 23:48
Philippine Billionaire Andrew Tan's Investment Firm Alliance Global Group Inc Plans to Expand Its Casino Resort Business to Rapidly Growing Areas Beyond Manila to Leverage Tourist Hotspots Outside the National Capital. The company's CEO, Kevin Andrew Tan, stated at the company's annual meeting on June 15th of this year: 'We are actively considering some major tourist hotspots in the Philippines as potential expansion locations.'
The company is betting that the tourism industry will rebound with the recovery of global travel, and the Philippines may also benefit from China's crackdown on Macau, casting a shadow over Asia's most important gambling hub. The gaming industry in the Philippines is also undergoing broader reforms, with the government considering the sale of state-owned casinos.
Alliance's casino business partner, Travellers International Hotel, turned profitable in 2022 with a net income of 1.1 billion Philippine pesos (19.6 million USD), record gross income, and continued growth in non-gaming revenue. Alliance Global has allocated approximately 4 billion pesos out of its planned 70 billion peso capital expenditure for this year to support the ongoing expansion of the Newport World Resort Casino Complex in Travellers. Last month, Alliance Global acquired shares of its casino partner, Genting Group.
To sustain its strong growth momentum, Travellers aims to increase the share of high-end and mid-market gamblers to half of gross income and expand its VIP companion business, which generated more than double the pre-pandemic revenue in 2022. Alliance Global's stock fell 1.5% in Manila trading, marking the sixth consecutive day of decline, the longest streak since September of last year. | 
Post time 11-9-2023 16:39:44
Post time 12-9-2023 10:23:25