Travellers International Hotel Group Inc, operator of Manila’s Newport World Resorts – formerly Resorts World Manila – has reported a 77% year-on-year increase in gross gaming revenues to Php22.7 billion (US$397 million) for the nine months to 30 September 2022, including a 63% increase in Q3 to Php8.0 billion (US$140 million).
According to information from Travellers’ parent company Alliance Global Group Inc (AGI), the improvement was “due to the improvement in overall drops across all gaming segments as foot traffic picked up during the third quarter with operations at 100% capacity.”
Net gaming revenues, which take into account money put towards promotional allowance, grew 85% year-on-year to Php14.8 billion (US$259 million) for the nine-month period and 80% in Q3 to Php5.1 billion (US$89 million).
Non-gaming, including hotels and food and beverage among others, grew 83% for the nine-month period to Php3.5 billion (US$61 million) and improved 15-fold in the September quarter over 3Q21 to Php1.2 billion (US$21 million).
AGI said this was from “continued improvement in average daily rate as hotels transitions to the leisure market with ramped-up domestic and international tourism.
“With the reopening of tourism to international tourists starting February 10 this year, hotel occupancy rates of the five hotels in Newport World Resorts have gone up, ranging from 54% to 79% (compared with 50% to 75% a year ago).”
Despite the gains, Travellers still fell to a Php238 million (US$4.2 million) loss for the first nine months of 2022, reversing a Php2.14 billion (US$37 million) profit a year earlier due to a Php254 million (US$4.4 million) loss in 3Q22 alone. Last year’s result included a Php5.6 billion (US$98 million) one-time income from services rendered by a subsidiary in relation to Manila’s Westside City project.
AGI currently holds a controlling 56.8% stake in Travellers, although it is expected to buy-out the 39.2% held by its former partner, troubled cruise ship operator Genting Hong Kong, in the coming months.
The group, which also has interests in property giant Megaworld Corporation; spirits manufacturer Emperador Inc, McDonald’s Philippines operator Golden Arches Development Corporation and infrastructure development firm Infracorp Development, Inc – saw consolidated revenues grow 17% year-on-year to Php128.4 billion (US$2.24 billion). Net profit held steady at Php17.1 billion (US$299 million).
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