The Resorts World Bayshore project should be finished in 2018
The Travellers International Hotel Group, which manages the well-known Resorts World Manila, has just increased their stake to 95% of the developer Resorts World Bayshore City Inc., the company behind the Bayshore City Resorts World in PAGCOR City in the Philippines.
The construction of this complex worth $1.1 billion will begin in December and should be completed at the end of 2018.
For growth and development of the business of the heart of the Travellers International Hotel Group
Estimated at $360 million, this increase in participation has involved the purchase of 3.23 billion shares of Resorts World Bayshore City, Inc. by Travellers International Hotel Group.
This joint venture between the Philippine billionaire Andrew Tan, Global Group Inc. and Genting Group reaches now 95% participation.
In a statement, they announced that their board had decided to focus on the growth and development of the heart of business, namely gaming, leisure and entertainment.
This required the acquisition of a majority shareholding in Resorts World Bayshore City Inc. who are responsible for building and developing a huge complex worth $1.1 billion in PAGCOR City.
A project planned in 3 parts
The construction of Resorts World Bayshore will be divided into different phases.
The first is to build a third of the land-based casino, a theatre with 3,000 seats, a mall, several movie theaters and four hotels (Hotel Okura Manila, the Westin Hotel Manila Bayshore, Genting Grand and Crockfords Tower) offering 800 rooms in total.
The second phase will include the expansion of the existing Marriott Hotel Manila with the construction of the Marriot Grand Ballroom and many additional rooms.
The third and final phase will be to build two other hotels (the Hilton Manila and Sheraton Hotel Manila), and an extension of Maxims Hotel with a new gaming room and additional retail space by the end of the year 2017.
When the work is completed in 2018, the Resorts World Bayshore will resemble the Resorts World Manila but on an even larger scale.
According to Kingson Sian, the President and CEO of the new establishment, there should be a period of adjustment to the market after the opening.
Revenues are expected to stabilize 12 months later.
