Alliance Global Group Inc. (AGI) has finalized its acquisition of the remaining stakes held by Genting Hong Kong Ltd. in Newport World Resorts and associated entities, effectively concluding their partnership that began in 2009.
According to a filing with the Philippine Stock Exchange, AGI confirmed that all necessary conditions for the acquisition were met, and the share transfer to Newport World Resorts Philippines Inc. (NWRPI) took place on July 15. This acquisition encompasses the equity interests owned by Star Cruises Philippines Holdings B.V., Asian Travellers Ltd., and Premium Travellers Ltd., all of which are ultimately controlled by Genting Hong Kong.
With the successful completion of this deal, Genting Hong Kong no longer possesses any direct or indirect equity interests in Travellers International Hotel Group Inc. (TIHGI), Westside City Inc. (WCI), or Adams Properties Inc. (API). The shares are now fully owned by NWRPI.
This latest announcement wraps up a transaction initially revealed in May 2023, when AGI disclosed that it had entered into a share purchase agreement to acquire Genting Hong Kong's interests. The finalization of the deal was contingent upon the fulfillment of certain conditions, though financial details were not made public.
The acquisition grants AGI complete ownership of Travellers International Hotel Group, which operates Newport World Resorts, one of the largest integrated resort developments in the Philippines. It also includes Genting Hong Kong's shares in Westside City Inc., the developer behind the Westside Resort project located in Manila's Entertainment City, as well as Adams Properties Inc.
This transaction signifies the conclusion of a 17-year collaboration between AGI and Genting Hong Kong, which jointly established Resorts World Manila in 2009. Under this partnership, AGI held a 60% ownership stake, while Genting Hong Kong owned the remaining 40%.
The property was rebranded as Newport World Resorts in 2022 after Genting Hong Kong's cruise operations faced significant challenges.
Genting Hong Kong entered liquidation in January 2022 due to financial issues related to its German shipbuilding subsidiary, which led to loan defaults throughout the organization. Subsequently, liquidators sold off the company’s assets, including its gaming interests in the Philippines.
In the meantime, Newport World Resorts is actively expanding its digital gaming operations. In April, Travellers International Hotel Group collaborated with PhilWeb Corp. to enhance its technology infrastructure, system support, content integration, and operational services for NWPRPlay, its PAGCOR-regulated online gaming platform, pending regulatory approval.