Alliance Global Group’s Bold Move: $300 Million Casino Resort Project in Boracay
Meanwhile, the vibrant island of Boracay, known for its stunning beaches and pulsating nightlife, is set to see a significant transformation as Alliance Global Group, Inc. (AGI), the parent company of Travellers International Hotel Group Inc., announces a commitment of approximately $300 million to develop a new casino resort. This ambitious project aims to elevate Boracay’s status as a premier destination for both local and international tourists, enhancing the island’s entertainment options and economic opportunities.
Investment Details and Background
The announcement was made in response to an inquiry from the Philippine Stock Exchange, referencing earlier insights shared by AGI CEO Kevin Tan in an interview with Inside Asian Gaming. During this discussion, Tan outlined the strategic significance of the Boracay project as AGI’s first foray into the casino industry outside of the Newport World Resorts, which has been operational in the Philippines.
The casino will be strategically located within Megaworld’s expansive 150-hectare Boracay Newcoast township, a prime area poised for development, combining luxury living with leisure and entertainment. This township has been designed to create a blend of residential, commercial, and recreational spaces, making it an attractive prospect for a new resort.
Project Scope and Financial Impact
In its official filing on the Philippine Stock Exchange, AGI reiterated its commitment to the Boracay casino resort project, with a clear indication that the total estimated budget for this endeavor will reach $300 million. The development will be carried out under another AGI subsidiary, Boracay Newcoast Resorts, Inc. (BNRI).
Interestingly, AGI specified that this project would be smaller in scale compared to its flagship Newport World Resorts and, consequently, the projected financial implications for BNRI and AGI would also be less than those associated with Newport. However, the infusion of capital into this venture signifies AGI’s confidence in the Boracay market and its potential to attract new visitors and facilitate economic growth in the region.
Regulatory Assurance and Strategic Partnerships
The planned casino resort’s development aligns with BNRI’s provisional license obtained from the Philippine Amusement and Gaming Corporation (PAGCOR), ensuring that all regulatory frameworks are adhered to. This regulatory support is crucial for the venture’s success, as it signals a commitment from the government to enhance tourism infrastructure while managing the environmental and social impacts that come with development in such a sensitive area.
In addition to the Boracay project, CEO Kevin Tan disclosed plans for another $400 million investment in a casino resort project within Megaworld’s Mactan Newtown township in Cebu. These dual expansions highlight AGI’s aggressive growth strategy, aiming to broaden its footprint in the Philippine gaming and hospitality sector.
Conclusion: A Vision for Future Tourism
As the plans for the Boracay casino resort project unfold, it is evident that Alliance Global Group is not only investing in infrastructure but is also betting on the future of tourism in the Philippines. The development promises to bring jobs, increase tourist footfall, and provide a much-needed boost to the local economy amidst the challenges posed by the pandemic.
With a commitment to responsible tourism and future growth, AGI’s investments could reshape the landscape of leisure and entertainment in Boracay and beyond. Stakeholders, investors, and local communities will be watching closely, hopeful for the positive developments that such a significant investment can bring. As construction begins, the focus will remain on executing a project that harmonizes luxury, leisure, and the natural beauty that Boracay has to offer.
