{"id":329505,"date":"2024-09-16T13:42:38","date_gmt":"2024-09-16T05:42:38","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=329505"},"modified":"2024-09-16T13:42:40","modified_gmt":"2024-09-16T05:42:40","slug":"trade-the-news-agi-to-build-300-m-casino-resort-in-boracay","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-agi-to-build-300-m-casino-resort-in-boracay\/","title":{"rendered":"Trade the News: AGI to build $300-M casino resort in Boracay"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>POSITIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>Alliance Global Group Inc. (AGI)<\/td><\/tr>
Stock Code<\/strong><\/td>AGI<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Hold<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 12.17<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

After confirming the development of a $400-million casino resort in Cebu province, Alliance Global Group Inc. (AGI) has announced another casino in the works under Megaworld Corp., this time at the country\u2019s most popular beach destination.<\/p>\n\n\n\n

Nilo Rodriguez, president of Megaworld flagship casino project Newport World Resorts, told reporters last week that they were building a $300-million casino resort on Boracay Island as part of an entertainment complex.<\/p>\n\n\n\n

\u201cTo complete the development, a casino will be built,\u201d Rodriguez said, adding that they had already secured a gaming license from the Philippine Amusement and Gaming Corp.<\/p>\n\n\n\n

The project is touted to be a boutique casino in that it is smaller in size and capacity compared to the Newport complex in Pasay City.<\/p>\n\n\n\n

According to AGI president and CEO Kevin Tan, they did not want to build a large structure on Boracay Island, as they were \u201cimploring a sustainable design\u201d to complement the size of the island.<\/p>\n\n\n\n

Tan added that construction has already started in time for completion in late 2025 or early 2026.<\/p>\n\n\n\n

Boracay, which welcomes millions of tourists a year, was shuttered for six months in 2018, after former President Rodrigo Duterte had called it a \u201ccesspool\u201d due to garbage disposal issues.<\/p>\n\n\n\n

AGI\u2019s announcement of the new casino project just came days after it had confirmed that it was applying for a gaming license for another facility in Cebu.<\/p>\n\n\n\n

Mactan World Resorts will stand within AGI\u2019s 30-hectare Mactan Newtown township in Lapu-Lapu City, or minutes away from the Mactan-Cebu International Airport, the country\u2019s second-busiest gateway.<\/p>\n\n\n\n

The entertainment complex is slated for completion in 2026.<\/p>\n\n\n\n

(News Source: Philippine Daily Inquirer<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-329505","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=329505"}],"version-history":[{"count":1,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329505\/revisions"}],"predecessor-version":[{"id":329508,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329505\/revisions\/329508"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=329505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=329505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=329505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}