Alliance Global Group allocates $75m to expand Resorts World Manila
Alliance Global Group is granting PHP4bn ($75m) to help fund ongoing expansion projects at Resorts World Manila.
The expansions, being overseen by Resorts World Manila’s parent, Travellers International, will cover leisure and entertainment upgrades at the casino.
Alliance claims that a 26% increase year-on-year in Travellers’ gross gaming revenue has given cause to fuel this cash injection.
Revenue from Resorts World Manila has begun rising sharply following eased quarantine restrictions in the Philippines, which has rejuvenated the casino’s VIP business.
The region is also fully open to Meetings, Incentives, Conventions and Exhibitions (MICE Activities) i.e tradeshows and events.
The allocation of PHP4bn to upgrade Resorts World Manila is part of Alliance Global Group’s wider plans to release PHP60b for capital expenditures (CapEx).
The funds released by Alliance Global Group are 33% higher than its CapEx last year, as it prepares for greater improvement in economic activity; as markets become more active and increasingly mobile.
Alliance’s other financial interests include Emperador Inc, a spirit manufacturer; real estate development through Megaworld Corp and the Golden Arches Development Corp (GADC), which manages the Philippines’ McDonald’s franchise.
Donaco’s Star Vegas Casino to recommence operations from 18 June
Donaco International has announced its casino, Star Vegas Resort & Club, will resume operations on 18 June 2022.
The news comes after Cambodia’s Government and other relevant local authorities lifted the temporary closure of casino operations in the Banteay Meanchey province.
Located within this province, Star Vegas had been operating on a limited basis to domestic customers from 25 September 2020, until the temporary ban was put in place.
“The Cambodian border with Thailand has also reopened, which has traditionally been where the vast majority of Star Vegas’ customers originate from”Paul Porntat Amatavivadhana, Donaco Non-executive Chairman
Now set to reopen, the casino will once again operate on a limited scale; its parent Donaco plans to progressively advance towards full operational capabilities over the coming months.
Donaco claims a gradual increase to full operations will enable it to continue its cost control strategy, first implemented in response to cross-business impacts of the Covid-19 pandemic.
Elsewhere, Donaco notes its Aristo International Hotel based in Lao Cai, Vietnam, has been recently acknowledged as a 5-star hotel by the Lao Cai Ministry of Culture, Sports and Tourism for a minimum period of five years.
Donaco Non-executive Chairman, Paul Porntat Amatavivadhana, said: “We are delighted to put a prolonged period of Covid disruptions behind us with the reopening of Star Vegas and a return to full-scale operations on the horizon.”
“The Cambodian border with Thailand has also reopened, which has traditionally been where the vast majority of Star Vegas’ customers originate from. In tandem with the favourable macroeconomic conditions, we will maintain our focus on prudent control of corporate and operation costs.”
Final vote on Macau’s gaming bill set for 21 June
Macau’s Legislative Assembly (AL) is now scheduled to hold its second reading debate and final vote on a bill intended to revise the city’s gaming law.
Members of the AL's Second Standing Committee signed off their concluding opinions on Wednesday.
Per the deal, a formal cap on the number of casino tables and gaming machines will be introduced to the market. A minimum annual target of casino gross gaming revenue (GGR) will also be introduced, which the city’s six concessionaires will have to meet.
The latest draft would also introduce a set tax of 40% on casino GGR, although chief executives of Macau’s concessionaires will have the authority to reduce this tax burden by up to 5% for reasons of public interest.
Areas of public interest include attracting customers from foreign countries.
Up to six concessionaires will once again be allowed to operate in Macau, with a maximum concession term of 10 years and an option for a three-year extension under special circumstances.