Newport World Resorts is a world resort in Manila that benefits from the pandemic tourism boom.
Provided by Alliance Global
The Travelers International Hotel, controlled by billionaire Andrew Tan Alliance Global, will develop a $1.3 billion casino resort from its partner Suntrust Resort after the project is delayed.
SunTrust Resort, which is indirectly owned by Hong Kong-listed Let Group, said it is establishing a “strategic work agreement” with travelers to accelerate the completion of the project developed by Manila Bay entertainment district Megaworld (Tan’s Real Estate Farmy Megaworld, Megaworld, Megaworld, Megaworld).
Under the proposed agreement, SunTrust said it will effectively hold a 20% indirect stake in the entertainment city resort, owner and lease the project’s construction property. Travellers owns and operates Newport World Resorts, the casino complex next to the country’s main international portal, Ninoy Aquino International Airport.
According to Suntrust, the West Side City Casino Complex should open in December this year due to construction delays, but the opening has been postponed until the third quarter of 2026 due to construction delays.
SunTrust is 51% indirectly owned by Fortune Noble, an investment vehicle controlled by Let Group (formerly Suncity Group). Megaworld owns 34% of SunTrust.
The West End Comprehensive Resort is the fourth casino in the Manila entertainment city, an 800-hectare waterfront district that competes with Macau and Singapore and attracts gamblers in the region. The area has three existing casino resorts, including billionaire Enrique Razon Jr.
Westside Integrated Resort consists of a five-star hotel with 475 suites, a casino with 281 gaming tables and over 1,000 slot machines, a shopping center and several theaters, the largest of which will have 3,000 seats.
Let Group is owned by Andrew Lo Kai Bong, a Hong Kong-based gaming entrepreneur who leads a group of investors who controlled the previous day’s positive group in July 2022. In addition to interest in the Philippines, its summit rising unit also holds shares in Russian casino resorts.
Tan, with a real-time net worth of $1.5 billion, is the richest in the Philippines. In addition to real estate, his alliance globally owns shares in Emperador, the world’s largest brandy manufacturer, as well as McDonald’s Filipino franchisees.
