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Star Cruises, Alliance Global team up

HONG KONG – As reported by Reuters: "Star Cruises plans to team up with Alliance Global Group Inc to develop hotels and casinos in the Philippines, spending at least $1 billion on a set of projects the company hopes will expand its reach into a relatively untapped Asian gaming arena.

"The cruise and gaming operator said in a statement on Wednesday it had agreed to buy half of Travellers International Hotel Group Inc, a unit of Alliance, for $335 million as part of the deal.

"The unit has applied for a provisional gaming licence, with an eye to developing hotel and gambling resorts at Manila Bay and near the airport. Alliance said the project at Manila Bay alone was worth $1 billion.

"Singapore-listed shares in Star Cruises rose as much as 15.4 percent to S$0.225 before paring gains to end up 10.3 percent, outperforming a 2.6 percent rise in the Straits Times Index. Alliance Global was up 3.9 percent in light trade…"

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