Travellers commits to invest $1.1B in project
Integrated tourism estate developer Travellers International Hotel Group Inc. is set to break ground for a much bigger and “grander” Resorts World complex at the Pagcor Entertainment City along Manila Bay by next year, seeking to replicate the success of its pioneering complex in Newport City.
The 25-hectare Resorts World Manila complex across NAIA 3 is anchored on the country’s first privately operated casino and has set a new model for tourism estate development since opening in 2009, riding on Asia’s fast-growing gaming market.
“We were still surprised with the performance [of Resorts World Manila] but I guess that’s just the gravy. We continue to work hard,” said Kingson Sian, president of Travellers, which is a partnership between tycoon Andrew Tan-led Alliance Global Group Inc. and Malaysia’s Genting group.
In a briefing in Newport City on Friday, Sian said Resorts World Manila was now reaping the advantage of being the “first mover” and starting the project at the time when there were too much uncertainties in this business.
Travellers itself has committed to invest at least $1.1 billion in what will be called Resorts World Bayshore in Pagcor Entertainment City, its next major project, which is three times bigger than Newport City in terms of land area. In this Newport City complex, the investment is likewise expected to hit $1 billion within the next five years.
“We’re doing the planning right now in Bayshore,” Sian said, noting that as the project will start by next year, Resorts World Bayshore would open to the public two to three years down the road.
“There’s going to be more open space, more amenities and retail space will be bigger. We’re building another theater. There are a few more things we want to put there which we can’t put here [in Newport City] because of lack of space,” Sian said.
Other Pagcor City licensees like Belle Corp. and Bloomberry Resorts and Hotels are expected to open their integrated tourism estates ahead of Travellers, but Sian is unfazed.
“If more players come, the market is very big. We don’t view it as zero-sum game. The more high-quality players come, if we collectively market the Philippines, we’ll have a louder voice in the international market,” Sian said.
China alone is a vast untapped market for the Philippines, given that over 50 million Chinese tourists travel overseas each year, Sian said. “The Philippines is not too far away as we’re two to three hours away from the major cities of China,” he said.
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By: Doris C. Dumlao
Source: Philippine Daily Inquirer, Nov. 28, 2011
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