Billionaire Andrew Tan’s Alliance Global Buys Out Genting’s Stake In Philippine Casino

Alliance Global Group—controlled by real estate and liquor billionaire Andrew Tan—said Tuesday it has agreed to buy the 40% stake held by its financially troubled partner Genting Hong Kong in their joint venture company, Travellers International, owner of Newport World Resorts hotel and casino in Manila.

Genting Hong Kong—controlled by Malaysian billionaire Lim Kok Thay—is exiting the Philippine casino joint venture after the cruise ship operator went into liquidation in January 2022 as the Covid-19 pandemic upended the tourism industry. Financial details of the transaction weren’t disclosed.

The integrated resort was called Resorts World Manila when it opened in 2009 but was renamed Newport World Resorts last year after Genting Hong Kong’s liquidation. Alliance Global, which has been in talks to acquire its partner’s stake in the property for about a year now, will have 100% ownership of the property once the deal is completed.

The divestment of the Newport stake is the latest asset to be divested by Genting Group as it focuses on expanding its footprint in New York and revamping its properties in Singapore and Malaysia. Last month, Genting Malaysia sold a waterfront property in Miami for $1.2 billion.

Taking full ownership of the Philippine casino bodes well for Alliance Global amid a casino boom in the country. Travellers, which also owns and operates hotels outside the Metro Manila, was the fastest growing business segment of Alliance Global this year, with the hotel and casino operator returning to the black as revenue surged 60% to 7.8 billion pesos ($139 million) in the first quarter.

Alliance Global holds Tan’s interest in Megaworld, one the country’s biggest property developers; Emperador, owner of Spain’s Bodegas Fundador, the world’s No. 1 brandy maker as well as Golden Arches, the Philippine franchisee of McDonald’s. Tan has a net worth of about $2.5 billion, according to Forbes’ real-time data.