Genting Hong Kong Ltd. is exiting from Newport World Resorts Properties Inc., the resort and gambling enterprise of led by tycoon Andrew Tan’s Alliance Global Group Inc.
Newport World has agreed to acquire the shares of Travelers International Hotel Group Inc.
“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.
Newport World did not disclose the price of the acquisition.
Genting was supposed to partner with Tan in his gambling and resort operations but the two had a falling out in 2019.
Tan partnered instead with SunCity Group Holdings, the integrated resort and former junket operator now known as Leisure Entertainment Taste (LET) Group Holdings.
