Andrew Tan, a billionaire from the Philippines, has set his sights on expanding his casino empire beyond the bustling streets of Manila. Alliance Global Group Inc., the investment company led by Tan, is actively seeking opportunities in other thriving tourist destinations across the country, as reported by Bloomberg.
Yesterday, during the company’s annual meeting, Kevin Andrew Tan, CEO, expressed the Alliance Global Group’s interest in key tourism hubs nationwide.
The move comes as the Group anticipates a resurgence in the tourism sector, fueled by the global recovery of travel.
They aim to capitalize on the recent years’ downturn in Macau, following China’s crackdown on money fleeing the country, which has cast a shadow over the region’s gambling hub. Meanwhile, the Philippine gaming sector itself is undergoing significant changes, with the government contemplating the privatization of state-owned casinos.
Travellers International Hotel, the gaming venture under Alliance Global, witnessed a notable turnaround in 2022. Boasting a record-breaking gross-gaming revenue and recovering non-gaming earnings, the company recorded a net income of 1.1 billion pesos ($19.6 million), according to the Bloomberg report yesterday.
As part of their expansion plans, Alliance Global has allocated approximately 4 billion pesos from this year’s 70 billion peso capital expenditure for the ongoing development of Travellers’ Newport World Resorts casino complex.
In a strategic move, Alliance Global recently acquired the casino-venture partner, Genting Group, further consolidating its position in the industry.
Tan leads Alliance Global Group Inc., an investment company with interests in various sectors, including the gaming industry.
With the anticipation of a tourism rebound and the changing landscape of the gaming sector, the Philippine billionaire aims to position his company for success in the country’s evolving gambling market. PC
