Manila’s Newport World Resorts (NWR), formerly known as Resorts World Manila, reported gross gaming revenues of Php31.8 billion (US$566 million) in 2022, up 90.3% year-on-year following the easing of most remaining COVID-19 restrictions throughout the year.
The update was included in the Annual Report of Alliance Global Group (AGI), the parent company of NWR operator Travellers International Hotel Group, filed with the Philippine Stock Exchange on Tuesday. According to AGI, the 2022 recovery included a 133% year-on-year increase in GGR in the December quarter as “as overall drop across all gaming segments improved.”
Core revenues for Travellers grew by 104% year-on-year to Php26.9 billion (US$478 million) including a 109% increase in net gaming revenue to Php21.6 billion (US$384 million) and 86% increase in non-gaming revenues to Php5.3 billion (US$94 million). Core revenues in 4Q22 grew by 164% to Php8.6 billion (US$153 million).
AGI said recovery of its non-gaming segment was “primarily due to the recovery of average room rates, the return of corporate events and various MICE activities.”
Hotel occupancy rates across all NWR hotels averaged 66% while tenant count from retail, food and beverage was 84 as of end-2022, compared with 77 at end-2021.
Travellers said its net profit and net profit to owners was almost five times higher year-on-year at Php1.1 billion (US$19.5 million), with the group contributing 15% to AGI’s consolidated revenues and 3% to AGI’s consolidated net profit.
Group-wide, AGI recorded revenues of Php183.6 billion (US$3.26 billion) in 2022, up 20.2% year-on-year, with net profit to owners of Php16.1 billion (US$286 million), down 4.9%.
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