GGRAsia – GEN HK Liquidators Consider Offers on Manila Venue Stake


GEN HK liquidators mull bids on Manila sites stake

Joint provisional liquidators appointed for Genting Hong Kong Ltd are ‘considering’ what they call ‘offers from potential buyers’ for the company’s stake in the Newport World Resorts casino complex (pictured), located in the Philippine capital, Manila.

The information was disclosed in an announcement by Genting Hong Kong, filed Wednesday with the Hong Kong Stock Exchange. The document did not provide further details on the issue, whether the joint provisional liquidators had already received a proposal for Genting Hong Kong’s stake in the casino complex.

Newport World Resorts was previously known as Resorts World Manila. A rebranding took place last month.

Genting Hong Kong – a casino and cruise ship operator – went into liquidation in January. The event was triggered by the insolvency of a German shipbuilding company it controlled, which in turn triggered cross-default events related to the group’s financing arrangements, representing an aggregate principal amount of one just over US$2.77 billion.

In its latest filing, Genting Hong Kong provided an update on the process of phasing out its cruise ship fleet. “The sales processes for these assets are in various stages of completion,” he said.

The filing added: “Apart from [the] vessels, the group’s other major assets are its stake in Resorts World Manila and its stakes in certain residential and hotel properties in the People’s Republic of China… These two assets are free and the joint provisional liquidators are in the process of examining offers from potential buyers.

Genting Hong Kong shares have been suspended from the Hong Kong Stock Exchange since January 18. Joint provisional liquidators were appointed for the company on January 20 after a apply to a court in Bermuda.

Casino Resort Newport World Resorts is owned and operated by Travelers International Hotel Group Inc. The latter company is controlled by Manila-listed Alliance Global Group Inc and Genting Hong Kong.

Alliance Global said in its latest earnings announcement, released Monday, that the company increased its stake in Travelers International to 60% in June, an increase of 10 percentage points from six months prior.

Travelers International reported second-quarter gross gaming revenue (GGR) of PHP8.2 billion ($147 million), up 143% from a year and a year ago. 25 percent increase compared to the first three months of 2022, according to Monday’s filing from Alliance Global.

Newport World Resorts – near Manila International Airport and connected to it by a passenger bridge – opened as Resorts World Manila in 2009 and was the first of the world’s large-scale casino resorts. next-generation private sector in the Philippine capital.

The site currently has five international hotel brands: Marriott Manila Hotel, Sheraton Manila Hotel, Hilton Manila, Hotel Okura Manila and Holiday Inn Express Manila.


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