Newport World Resorts Properties Inc., a subsidiary of Andrew Tan’s Alliance Global Group Inc., has acquired all of the shares of Genting HongKong Ltd. in Tan’s resort and gambling business.
In its disclosure, Newport World said it has entered into a share purchase agreement for the acquisition of shares in Travellers International Hotel Group Inc. (TIHGI) held by Star Cruises Philippines Holdings B.V., Asian Travellers, Ltd. and Premium Travellers Ltd. Their ultimate parent entity is Genting HongKong.
“Upon completion of the foregoing transactions, Genting HongKong Ltd. will cease to hold a stake in TIHGI, WCI [Westside City Inc.] and API [Adams Properties Inc.],” AGI said in its disclosure.
It did not disclose the acquisition price of the transaction.
Genting was supposed to be the partner of Tan in his gambling and resort operations in the country, but the two parties had a fallingout in 2019.
Its partner is now SunCity Group Holdings, the integrated resort and former junket operator, which now changed its name to Leisure Entertainment Taste (LET) Group Holdings.
Last year, Tan rebranded Resorts World Manila into Newport World Resorts.
Westside City is Tan’s 31-hectare integrated resort and casino in Entertainment City in Parañaque.
Suntrust Resort Holdings Inc., LET Group’s local firm, is financing the development and construction of the main hotel casino, and will be appointed as the exclusive operator and manager of its operations which could start in 2024.
