Genting HK

Genting HK: announces that its 50% owned Travellers International Hotel Group has filed a preliminary draft prospectus with The Philippine Stock Exchange (PSE) for a proposed initial public offering of Travellers, which operates the Resorts World Manila (RWM) in Newport City. Travellers has advised that the proposed offering is at an initial stage and that principal terms, including the number of shares to be offered, the offer price and any pre-transaction reorganization are yet to be finalized. This company notice confirms media reports last month, that said both GENHK and its Philippine partner Alliance Global Inc (AGI) are planning to list the 50/50 JV in an IPO that could raise more than US$500m to fund further casino projects, including the US$1.1b Resorts World Bayshore due to open in 2016 and Phase 3 of RWM. The Philippines is vying to become Asia's third-largest gambling hub, after Macau and Singapore, by developing Entertainment City in Manila – a 250 acre strip that will house four integrated resorts and casinos. AGI, which is listed on the PSE, is up as much as 5% today, marking a new multi-year high. GENHK is up 2% at US$0.52 on good volume.