Genting HK's casino JV slashes target of Philippine IPO

THE proposed initial public offering of a Philippine casino joint venture (JV) between Malaysian gaming tycoon Lim Kok Thay's Genting Hong Kong and Philippine conglomerate Alliance Global Group is back on the table, but looks to raise about half its initial target of up to 42.3 billion pesos (S$1.22 billion).

Travellers International Hotel Group, which operates the Resorts World Manila casino and hotel, has set an indicative IPO offer price of up to 11.88 pesos per share ahead of a targeted Nov 5 listing on the Philippine Stock Exchange (PSE). That is down from the initial offer price of up to 23.38 pesos per share.

Resorts World Manila, which opened in August 2009, features a casino, three hotels, a shopping mall, cinemas and a performing-arts theatre. The IPO proceeds will be used to fund more casino-related developments and for general corporate purposes.