Alliance Global Group Inc. (AGI) has completed its acquisition of Genting Hong Kong Ltd.’s remaining stake in Newport World Resorts, ending a 17-year partnership that pioneered the Philippines’ integrated resort industry and giving the conglomerate full control of one of its flagship gaming and tourism assets.
In a disclosure to the Philippine Stock Exchange, AGI said its subsidiary, Newport World Resorts Properties Inc. (NWRPI), completed the share transfer on July 15 after satisfying all conditions under the Share Purchase Agreement signed on May 30, 2023.
The transaction covers the remaining equity interests of Star Cruises Philippines Holdings B.V., Asian Travellers Ltd., and Premium Travellers Ltd. in Travellers International Hotel Group Inc. (TIHGI), operator of Newport World Resorts, as well as their stakes in Westside City Inc. and Adams Properties Inc.
“All conditions precedent to the acquisition… have been fulfilled. Accordingly, the transaction has been completed, with the corresponding shares successfully transferred to NWRPI,” AGI said.
With the deal now closed, Genting Hong Kong has completely exited its investments in TIHGI, Westside City Inc., and Adams Properties Inc., ending its ownership in businesses it helped build over nearly two decades.
The acquisition closes a transaction first announced in May 2023 following Genting Hong Kong’s liquidation in 2022. Financial terms were not disclosed.
The deal also draws the curtain on a partnership that began with the 2009 launch of Resorts World Manila, now Newport World Resorts, the country’s first integrated resort and a catalyst for the rise of Entertainment City as a gaming and tourism destination.
For AGI, the acquisition simplifies ownership and sharpens strategic control over its tourism and gaming portfolio. Beyond Newport World Resorts, Travellers International is developing the USD1.25-billion Westside Resort in Entertainment City, giving the conglomerate greater flexibility to pursue expansion and long-term growth as Philippine tourism continues to recover.
