Andrew Tan's Travellers International to start building $1.1-B Bayshore City this Sept.

Travellers International Hotel Group Inc. will start constructing the $1.1-billion Bayshore City Resorts World this month in PAGCOR's Entertainment City, the company said in a disclosure Wednesday.  

 

"Bayshore City Resorts World has commenced site development. Actual construction and development will start within the year," Travellers International said in a statement attached to a disclosure.

 

The company now owns 95 percent of Resorts World Bayshore City Inc. (RWBCI), the operator and developer of Bayshore City, after Travellers International subscribed to P16.15 billion worth of Resorts World shares.

 

"The company's board of directors decided to focus on the growth and development of its core business – gaming, leisure and entertainment, which necessitated the acquisition of the majority shares of [Resorts World]..." Travellers International, a joint venture between Andrew Tan's Alliance Global Group Inc., and Genting Hong Kong Ltd., said. 

 

Resorts World is the co-holder of Travellers International to a provisional license with the Philippine Amusement and Gaming Corp. (PAGCOR) to construct and develop a portion of Manila Bayshore Entertainment.

 

In a separate disclosure Wednesday, Travellers International said its board of directors on Tuesday approved the subscription of 80 million common shares of stock in Resorts World and of 2.35 million preferred shares.  The transaction was valued at P5 per share.

 

"The company now owns ninety 95 percent of RWBCI, while the previous stockholders own around five percent of the total and outstanding capital of RWBCI," according to Travellers International.

 

Travellers International expects the integrated resort and entertainment complex in Entertainment City to open by the fourth quarter of 2018.

 

It will have at least 1,500 hotel rooms that will carry and be managed by various international hotel brands. Apart from a commercial complex, cinema, department store and food outlets, the resort will also have a 3,000-seat grand opera house. – Kathryn Mae P. Tubadeza/VS, GMA News