Resorts World operator files IPO bidBy Doris C. Dumlao
Philippine Daily Inquirer
MANILA, Philippines–Gaming operator Travellers International Hotel Group Inc., a partnership between the groups of local retail tycoon Andrew Tan and the Genting group, has officially filed an application to conduct an initial public offering at the local stock exchange.
Tan-led Alliance Global Group, Inc. disclosed on Friday that Travellers had filed a registration statement with the Philippine Stock Exchange for a potential initial public offering.
The disclosure said the potential offering was at an “initial stage” and that the principal terms, including the number of shares to be offered, the offer price, and any pre-transaction reorganization, were yet to be finalized.
It was earlier reported that Travellers would tap five international houses to arrange an IPO estimated at about $500 million. The five underwriters are UBS, BoFA Merrill Lynch, CIMB, Maybank and Religare Capital.
The offering is targeted sometime in the third quarter of this year, based on previous reports.
Travellers operates Resorts World Manila, the first integrated leisure and resort property in the Philippines that combines privately-operated gaming facilities with hotel, retail, dining, entertainment and other leisure amenities.
After Resorts World Manila in Newport City, Travellers will next work on its new entertainment hub, the $1.1-billion Resorts World Bayshore in Pagcor City, the country’s future Las Vegas-like gaming and entertainment strip.