Manila casino-hotel expansion plan in the works
Travellers International Hotel Group had deferred its Initial Public Offering (IPO) but will still invest US$600 million to expand its Manila casino-hotel over the next three years.
Travellers International has delayed its US$1 billion IPO until September or October 2013 due to market volatility, Reuters reported.
The proceeds from the IPO launch were set to fund the expansion of Resorts World Manila, however, the company said it could go to the debt market to seek funding while it awaits public release.
?We are not pressured, we will just wait for the right timing,? Travellers International Hotel Group president Kingson Sian said.
The investment at the Resorts World complex includes a new convention centre, more than 1000 additional hotel rooms and new gaming facilities.
The company plans to complete the resort expansion by 2016.
?It will effectively double what we have currently in Resorts World Manila,? Mr Sian said.