Travellers International Hotel Group, Inc, the operating entity of Resorts World Manila, reported a 53% decline in gross revenues for the first six months of 2020, including a greater than 50% fall in GGR to Php6.1 billion (US$125.2 million).
The figures formed part of an update from Alliance Global Group (AGI), the Philippines conglomerate that holds a 50% stake in Travellers, as part of its own 1H20 earnings release.
While AGI reported a group-wide net profit of Php4.1 billion (US$84.1 million) through 30 June 2020, RWM recorded a Php3.7 billion (US$75.9 million) net loss – down from a profit of Php845 million (US$17.3 million) during the first six months of 2019.
“The ongoing community quarantine, which put a temporary halt in casino gaming operations, has taken its toll on Travellers International,” AGI said.
“Gross gaming revenues were more than halved to Php6.1 billion while its non-gaming revenues fell 44% to Php1.7 billion (US$34.9 million), the latter due to limited hotel operations and MICE activities.
“Overall gross revenues plunged 53% year-on-year to Php7.8 billion (US$160.1 million).”
Travellers, a joint venture partnership between AGI and Genting Hong Kong, delisted from the Philippine Stock Exchange last October and no longer publicly releases earnings reports.
However, AGI had previously revealed a 38% increase in GGR at RWM in 2019 to Php27.6 billion (US$552 million), which it attributed to “faster recovery in its VIP segment, overall improvement in volume and hold rates, and record level foot traffic to the complex.”
Casinos in Manila have remained closed since 15 March 2020 due to community quarantine orders, although PAGCOR recently confirmed to Inside Asian Gaming that some limited dry run operations had been permitted at RWM, Solaire, Okada Manila and City of Dreams Manila while “gaming machines, processes, digital applications (old and new) and other operational systems are being tested.”
RelatedPosts
