Genting HK

Genting HK - According to Dow Jones today, Malaysia'sGenting Bhd. (3182.KU) and its Philippine partner are planning to list their Manila casino via an IPO that could raise more than $500m to fund further forays in the Philippine gambling market, people with knowledge of the deal said Monday. Genting HK and its partner Alliance Global Group operate the Resorts World Manila casino in the Philippine capital through a 50:50 joint venture, Travellers International Hotel Group Inc. The IPO could be launched in the third qtr. Proceeds from the listing would likely be funneled into other projects in Manila, according to a person familiar with Genting's thinking. Travellers International is currently developing the Resorts World Bayshore, a $1.1b casino resort in Manila's Entertainment City due to open in 2016. Genting Hong Kong declined to comment. An Alliance Global spokesman didn't immediately respond to a request for comment. Resorts World Manila, which opened in August 2009, counts three hotels, a shopping mall, cinemas and a performing arts theater among its assets.