Tycoon Kevin Tan investing US$300 million for Boracay Casino Resort; US$400 million for Cebu IR

Alliance Global Group, Inc. (AGI), the parent company of Travellers International Hotel Group Inc., reiterated its plans to invest approximately US$300 million in a new casino resort project in Boracay.

The Boracay project represents AGI’s first expansion outside its flagship Newport World Resorts. The new casino resort will be situated within the 150-hectare Boracay Newcoast township, which is being developed by AGI’s subsidiary, Megaworld Corporation. This project signifies a major step for the company as it seeks to enhance its presence in the tourism and gaming sectors.

Its recent filing with the Philippine Stock Exchange reiterated the company’s commitment to the Boracay project, specifying that it will be developed under another of its subsidiaries, Boracay Newcoast Resorts, Inc. (BNRI). The estimated cost for this project is set at US$300 million, which AGI has committed to in alignment with BNRI’s provisional license from the Philippine Amusement and Gaming Corporation (PAGCOR).

While the Boracay casino resort will be smaller than the Integrated Resort and Casino Project at Newport World Resorts, AGI maintains that the venture will still contribute positively to the company’s portfolio. The company explained that, due to its smaller scale, the financial impact on BNRI and AGI would also be less significant than that of Newport World Resorts. Nonetheless, the investment reflects AGI’s commitment to bolstering its operations and enhancing the tourism experience in Boracay.

In addition to the Boracay project, AGI has ambitious plans for Cebu, where it aims to invest an impressive US$400 million in another casino-resort development. This project will be located within Megaworld’s Mactan Newtown township, which has become a focal point for tourism and development in the region.

The decision to invest in these two high-profile projects is part of AGI’s broader strategy to expand its footprint in the Philippine gaming and hospitality markets. The company has identified Boracay and Cebu as key locations for development, leveraging their appeal as major tourist destinations. Both projects aim to provide enhanced facilities and entertainment options for both local and international visitors.

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