Newport World Resorts now fully Philippine-owned after Alliance Global completes buyout

Alliance Global finalizes its acquisition of Newport World Resorts and related projects after former partner Genting Hong Kong’s 2022 bankruptcy.

Newport World Resorts (NWR) and other former Resorts World projects are now fully under Alliance Global Group Inc. (AGI), with its purchase of the entertainment district from former joint venture partner Genting Hong Kong officially finalized.

In a disclosure to the Philippine Stock Exchange, AGI said it now fully owns Travellers International Hotel Group Inc. (TIHGI) after the share transfers were completed on July 15.

TIHGI operates Newport World Resorts in Pasay City, formerly known as Resorts World Manila. The company was originally a joint venture between AGI and Genting Hong Kong, a regional subsidiary of the Malaysia-based Genting Group, which operates the global Resorts World franchise.

The purchase agreement involved Genting Hong Kong and its subsidiaries selling their equity interest in TIHGI and its subsidiaries to Newport World Resorts Properties Inc., an AGI subsidiary. The offloaded companies are TIHGI, Westside City Inc. (WCI), and Adams Properties Inc. (API).

WCI oversees Westside City Resorts World, a hotel and casino complex in Parañaque that was slated to open in 2021 but was delayed due to the COVID-19 pandemic. Meanwhile, API is a shareholder in TIHGI.

Genting Hong Kong filed for bankruptcy in the Bermuda Islands in 2022, prompting NWR’s name change that same year. The purchase was initiated on May 30, 2023.

The renewed ownership terms open up opportunities to realign pending developments and further develop a homegrown entertainment and hospitality brand outside of the established Resorts World franchise.

READ: