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MANILA - Travellers International Hotel Group Inc. will put up a "grander" and bigger" integrated resort complex at the proposed gaming and entertainment hub in the reclaimed area along Manila Bay, Alliance Global Group Inc. said on Tuesday.
Kingson Sian, AGI president and chief operating officer, told reporters that Travellers will spend $550 million for the development of the first phase of Resorts World Bayshore, which will have a minimum of two hotels with 800 rooms when it opens in 2016. Travellers is a joint venture between AGI and the Genting Group.
"Resorts World Bayshore will have similar components to Resorts World Manila but on a grander scale," Sian said on the sidelines of AGI’s stockholders' meeting. The company earlier said it may invest a minimum of $1 billion in its second integrated tourism estate located in Entertainment City.
The first phase of the project includes the development of a luxury and a five-star hotel as well as a Grand Opera House, which may double the current 1,500-seating capacity of the Newport Performing Arts Theater.
At 31 hectares, Resorts World Bayshore will be three times the size of its counterpart in Newport City located across Terminal 3 of the Ninoy Aquino International Airport in Pasay City. The initial phase of the project will cover the development of 16 hectares of the property.
Sian said Resorts World Manila has seen a recovery in the arrival of Chinese visitors although it continues to feel the impact of a China travel advisory issued against the Philippines in June.
"Obvioulsy, all lessons in business suggest you should not rely on one market. We should diversify and that's what we're doing. We're not relying on the Chinese market alone. We will continue to look at other markets in the region," said Sian, adding that attractive markets are Taiwan, India, Australia and countries within the Asean.
China accounts for 35-40 percent of Travellers’ international market, which corners 40 percent of the business.
As the hotel and casino ventures of three other government licensees in the 120-hectare reclaimed Manila Bay area come on stream beginning next year, Travellers is unfazed by new competitors.
"[Competition] is forthcoming in the gaming segment. We welcome competition. Competition is good...As we mentioned before, it will expand the pie. You will see it in other markets like Macau and Singapore," said Sian.
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