Alliance Global completes acquisition of Genting HK’s remaining stake in Newport World Resorts

Alliance Global Group Inc. (AGI) has completed its acquisition of Genting Hong Kong Ltd.’s remaining interests in Newport World Resorts and related companies, ending their joint venture that began in 2009.

In a Philippine Stock Exchange filing, AGI said all conditions for the transaction had been fulfilled, and the shares were transferred to Newport World Resorts Philippines Inc. (NWRPI) on July 15. The acquisition covers the equity interests held by Star Cruises Philippines Holdings B.V., Asian Travellers Ltd., and Premium Travellers Ltd., all ultimately owned by Genting Hong Kong.

Following the completion of the transaction, Genting Hong Kong no longer holds any direct or indirect equity interest in Travellers International Hotel Group Inc. (TIHGI), Westside City Inc. (WCI), or Adams Properties Inc. (API). The shares are now directly owned by NWRPI.

The latest filing completes a transaction first announced in May 2023, when AGI disclosed that it had signed a share purchase agreement to acquire Genting Hong Kong’s interests. Completion of the deal was subject to the fulfilment of agreed conditions. Financial terms were not disclosed.

The acquisition gives AGI full ownership of Travellers International Hotel Group, the operator of Newport World Resorts, one of the Philippines’ largest integrated resort developments. It also includes Genting Hong Kong’s stakes in Westside City Inc., the developer of the Westside Resort project in Manila’s Entertainment City, and Adams Properties Inc.

The transaction marks the end of a 17-year partnership between AGI and Genting Hong Kong, which jointly launched Resorts World Manila in 2009. Under the venture, AGI held a 60% stake, while Genting Hong Kong owned the remaining 40%.

The property was rebranded as Newport World Resorts in 2022 following the collapse of Genting Hong Kong’s cruise business.

Genting Hong Kong entered liquidation in January 2022 after financial difficulties linked to its German shipbuilding subsidiary triggered loan defaults across the group. Liquidators subsequently sold the company’s assets, including its Philippine gaming interests.

Meanwhile, Newport World Resorts continues to expand its digital gaming business. In April, Travellers International Hotel Group partnered with PhilWeb Corp. to provide technology infrastructure, system support, content integration, and operational services for NWPRPlay, its PAGCOR-regulated online gaming platform, subject to regulatory approval.