Tan gaming firm all set to go public

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 Philippine Stock Exchange.

In a disclosure, Tan’s Alliance Global Group Inc. Friday described the potential offering to be in its “initial stage” and that the principal terms, including the number of shares to be offered, the offer price, and any pre-transaction reorganization, have yet to be finalized.

It was earlier reported that Travellers would tap five international houses to arrange the 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 new complex is described to be a gaming and entertainment strip that will be modeled after Las Vegas.