ALLIANCE GLOBAL GROUP Inc. is close to signing a deal with Hong Kong-listed Star Cruises Ltd. for a stake in Alliances tourism arm, Travellers International Hotel Group Inc.
Travellers will undertake the development of Maxims Hotel in cooperation with Star Cruises, which is also Alliance Globals partner for its stake in the Manila Bay Tourism City project of Philippine Amusement and Gaming Corp. (Pagcor).
We hope to close the deal by the end of this month, Alliance Global chair Andrew Tan said. He declined to elaborate.
Malaysian conglomerate Genting Group and Alliance Global are looking at investing more than $1 billion in the state-led multibillion-dollar casino and tourism complex at the 40-hectare Manila Bay reclamation area.
Alliance Global president Kingson Sian had said that the consortium was still working out the terms of the joint venture since its foreign partner was still conducting a due-diligence audit.
Sian also said the project might consist of a hotel casino within the complex, possibly a theme park and potential for condominium units.
