Travellers International Hotel Group – the partnership between Genting Hong Kong and Alliance Global Group that operates Resorts World Manila (RWM) – saw its gross revenues increase 8.2% to Php16.98 billion for the nine months through 30 September 2018, with strong gains in both the gaming and non-gaming segments.
The company also moved back into the black with net profit of Php1.82 billion following a loss of Php36.8 million during the same period in 2017.
The positive results provide a welcome turnaround for the joint venture, which suffered a 27.6% decline in gross gaming revenue to Php17.115 billion (US$327.9 million) in 2017 following the tragic 2 June 2017 attack on RWM that saw 38 people lose their lives and gaming operations subsequently shut down for 27 days.
The incident forced the permanent closure of RWM’s entire Level 2 gaming area, although Travellers has since opened some of its new gaming area as part of a multi-million dollar renovation that includes the impending launch of the Philippines’ first Ritz-Carlton where the former Maxims hotel was located, conversion of the Remington Hotel to Holiday Inn Express and another Philippines first, Okura Hotel, which will occupy space once earmarked for the expansion of Maxims.
Gaming revenue for the first nine months of 2018 increased 7.5% to Php13.75 billion, up from Php12.80 billion, and comprised 81.0% of the group’s total revenues for the period. Non-gaming jumped 11.3% to PHP3.23 billion.
However, EBITDA fell 31.2% to Php1.78 billion on the back of higher expenses.
Travellers said the number of tables and slot machines as of 30 September 2018 numbered 280 and 1,642, respectively.
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