Resorts World operator files IPO bid
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.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94