Genting Exit Manila Gambling with Sale to Andrew Tan
Andrew Tan the billionaire who operates the Alliance Global Group has bought out partner Genting Hong Kong from the formerly known Resorts World Manila for an un-disclosed fee. The deal that sees Genting Honk Kong exit the Manila gaming industry with its sale of the 40% shares in the resort renamed Newport World Resorts hotel and casino.
Genting Hong Kong have been in financial troubles since the pandemic hit their core cruise ship business and went into liquidation in early 2022. The now solely owned resort was opened in 2009 by Genting but the company said on the announcement of the sale that it was now focused on developing its resorts in Singapore, Malaysia and expanding their presence in New York.
Alliance Global has mainly been a property development company but the acquisition of all the shares in the Manila Resort shows that the company believes that the region will see a boom in trade now the pandemic is over.
Andrew Tan the self made billionaire and of Chinese Filipino descent has businesses in Real Estate, Liquor and fast food, he was named as the 10th richest man by Forbes in 2018.
