Philippines IR to break ground in 2025, creating 5,000 new jobs

The ₱17bn (£229m/€272m/$300.9m) Mactan World Resorts will be part of Mactan Newtown. The 300,000sqm “mega-community” in Cebu is a development of Megaworld Corp, the flagship property arm of Kevin Tan’s AGI conglomerate.

Mactan World will include a hotel, casino and entertainment facilities. It will expand Travellers’ reach beyond Entertainment City in Metro Manila, where it operates the nation’s first and largest IR, Newport World Resorts (formerly Resorts World Manila).

The new IR is expected to generate ₱243m in property and business taxes over five years and create 5,000 new jobs. It will also “enhance Mactan’s reputation as a premier destination”, said Lapu Lapu City mayor Junard “Ahong” Chan.

Last year, TIHGI applied to the Philippine Amusement and Gaming Corporation (Pagcor) for a gaming licence.

Bringing more high rollers to the Philippines

The IR is located 20 minutes from Mactan-Cebu International Airport, to attract international VIPs. MCIA is the Philippines’ second-busiest gateway after Manila’s Ninoy Aquino Airport.

Alfred Benjamin R Garcia, head of research at AP Securities, told InsiderPH that Mactan World “could be TIHGI’s chance.… (It) will be tough to grab market share from the existing integrated resorts in Entertainment City.” 

Tourism data show that 17% of all global travelers visit Cebu, second only to Manila. Gaming currently accounts for 15% of total revenue for AGI and 3% of total profitability.

Travellers originated as a joint venture between AGI and Genting Hong Kong. In 2023, Tan bought out Genting’s stake as the bankrupt cruise ship operator exited the market.