AGI Takes Full Control of Newport After Genting Exit
Newport World Resorts Properties Inc., an Alliance Global subsidiary, took ownership of the shares on July 15, according to a Securities and Exchange Commission filing cited by AGBrief. The transfer closed a deal the parties first agreed more than three years earlier.
The purchase covers shares held by Star Cruises Philippines Holdings BV, Asian Travellers Ltd and Premium Travellers Ltd. These sellers held interests in Travellers International Hotel Group Inc., the operator of Newport World Resorts, as well as in Westside City Inc. and Adams Properties Inc. Genting Hong Kong served as the ultimate parent of the three selling companies.
Conditions Fulfilled After Three-Year Process
Alliance Global disclosed the original share purchase agreement to the Philippine Stock Exchange on May 30, 2023. The agreement set out a series of conditions that had to be met before the shares could change hands.
The completion filing cited by AGBrief states that all conditions have now been met and that the shares have transferred to Newport World Resorts Properties. Financial terms of the transaction remain undisclosed.
After the transfer, Genting Hong Kong no longer holds any direct or indirect equity stake in Travellers International, Westside City or Adams Properties. The deal also gives Alliance Global sole control of Westside City, the entity tied to its Westside development in Manila’s Entertainment City district.
Genting Partnership Ends After 17 Years
The partnership between Alliance Global and Genting Hong Kong dates back to 2009, when Resorts World Manila opened as a joint venture. Alliance Global held a 60% stake, while Genting Hong Kong owned the remaining 40%.
The property took the name Newport World Resorts in July 2022, months after Genting Hong Kong entered liquidation. The Hong Kong Stock Exchange delisted the company in May 2023.
The completed sale closes out Genting Hong Kong’s presence in the Philippine casino sector and puts Alliance Global’s Manila gaming assets under sole ownership.
💡TGJ Take
The three-year gap between signing and completion shows that agreed casino transactions can stay unresolved long after the initial announcement. Alliance Global now holds full authority over Newport World Resorts and Westside City, and the deal removes a shareholder layer from decisions on capital, development and operations. For suppliers and commercial partners, the change brings a clearer decision-making structure. The next test of the deal will be how Alliance Global uses that control across Newport and the Westside project.
