Travelers Spend $600 Million on Philippine Casino

Travelers International Hotel Group will spend US$600 million to expand its Philippine Casino in Manila in the next three years, saying the delay in its US$1 billion initial public offering will not slow down its plans. Travelers, a joint venture between casino operator Genting Hong Kong and Philippine conglomerate Alliance Global Group, said it could go to the debt market to seek funding while waiting for the right time to list its shares. The company has deferred its listing to September or October from an original plan to launch the IPO this month due to market volatility. It is looking…