TRAVELLERS International Hotel Group, Inc., a subsidiary of listed Alliance Global Group Inc. (AGI), is inching closer to its plan to build a leisure development on the Manila Bay reclamation site.

This, after the Philippine Amusement Gaming Corp. (Pagcor) issued a provisional gaming license to Travellers.

But there is still no cause for celebration. AGI first vice president Dina Inting said the granting of the license is just one of requirements that Travellers needs to secure from the gaming agency.

AGI, led by property tycoon Andrew Tan, earlier announced that it was in talks with Star Cruises Ltd. for a joint venture to develop a $1-billion integrated leisure and resort within the government-initiated Bagong Nayong Pilipino, which is envisioned to be the country’s version of Las Vegas.

Star Cruises, the world’s third-largest cruise operator and an affiliate of the Malaysian conglomerate Genting Group, is interested to acquire up to 40 percent of Travellers, to serve as its vehicle to participate in the Philippine government’s ambitious plan to put up a multibillion-dollar integrated tourism zone.

Negotiations between AGI and Star Cruises are expected to be finalized next month.

AGI’s plan is to build hotels with over 1,000 rooms spread out over several phases of development.  

Bagong Nayong Pilipino will sit on a 40-hectare property in the Manila Bay reclamation area and feature leisure and entertainment facilities including theme park, theaters, amusement and cultural centers, retail and gaming centers and hotels.

Pagcor aims to use the Baging Nayong Pilipino as a catalyst to sustain the growth of the country’s tourism industry. It hopes to attract at least $4 billion in investments and generate about 100,000 jobs once the entire development is fully completed.

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THE Filipino management team running the Rapu Rapu project since January 2006, has resigned after negotiations with South Korean-owned Philco Resources Ltd., the project’s new owners, fell through.

TRAVELLERS International Hotel Group, Inc., a subsidiary of listed Alliance Global Group Inc. (AGI), is inching closer to its plan to build a leisure development on the Manila Bay reclamation site.

PRESENT law grants to a foreign corporation, whether licensed to do business in the country, the right to seek redress for unfair competition before Philippine courts. But the said law is not without qualifications.