15 Sep Alliance Global eyes $300-M boutique-style casino in Boracay
ALLIANCE Global Group, Inc. (AGI) plans to open a $300-million boutique-style casino in Boracay by the end of 2025, the listed company’s president said.
“We’re looking to start and open (the casino) by end of next year,” AGI President and Chief Executive Officer Kevin Andrew L. Tan told reporters on the sidelines of the Inside Asian Gaming Summit in Pasay City last week.
He said the casino project “is not going to be very big,” as the company aims to avoid constructing a large structure in Boracay.
“We want it to be appropriate for the island,” he added.
The upcoming casino project, named Boracay World Resorts, will be situated within AGI’s 150-hectare Boracay Newcoast township.
Boracay Newcoast features a 75-hectare golf course, a commercial and retail strip, luxury boutique hotels, and an exclusive residential village.
Aside from the Boracay project, Mr. Tan recently announced a planned casino development in Cebu called the Mactan World Resorts, located within the conglomerate’s 30-hectare The Mactan Newtown township.
He said that AGI will invest at least $400 million for the planned Mactan casino project.
The Mactan Newtown consists of condominiums, office buildings, a hotel, retail shops, and a lifestyle mall.
Mr. Tan said the planned casino developments are the first two domestic expansions of AGI’s travel and leisure subsidiary, Travellers International Hotel Group, Inc., which operates the Newport World Resorts in Pasay City.
AGI also has business interests in spirits manufacturing via Emperador, Inc., property development via Megaworld Corp., and quick service restaurants through Golden Arches Development Corp.
AGI shares were last traded on Sept. 13, closing at P9.03 per share. — Revin Mikhael Ochave