Newport World Resorts delivers strong results in 2Q23, backed by VIP play

Newport World Resorts saw its gross gaming revenue fall by 2 percent quarterly and rise by 7 percent yearly during the second quarter of the year, to PHP8.7 billion ($152.98 million) ‘driven by the sustained recovery in the mass segment and continued improvement in VIP business’.

GGR from the mass segment totaled PHP3.7 billion ($65.06 million), while VIP amounted to PHP5 billion ($87.92 million).
According to the most recent results released by Newport's parent company AGI on Monday, attributable income from Newport World Resorts rose by 104 percent yearly and 37 percent quarterly, to PHP500 million ($8.79 million).
EBITDA during the quarter rose by just 1 percent quarterly but 31 percent yearly to PHP2.2 billion ($38.68 million).
The group also noted that non-gaming revenues were ‘boosted by improving hotel occupancy rates (at 77 percent)’ and a ‘significant rise’ in the revenue per room, ‘with increased staycations and MICE activities.
The group saw an average of 36,500 daily visitors during the second quarter, down from 37,400 in the first quarter.

First half shines

The group’s half-year revenues saw strong improvements, with GGR up 20 percent yearly, to PHP17.6 billion ($309.47 million), with mass revenues up 43 percent yearly, to PHP7.1 billion ($124.84 million), while VIP rose just 8 percent year-on-year, to PHP10.5 billion ($184.63 million).
Attributable income was up a staggering 4,355 percent, to PHP800 million ($14.07 million), while EBITDA increased 42 percent, to PHP4.3 billion ($75.61 million).
Non-gaming revenue also increased, by 42 percent, to PHP3.3 billion ($58 million).

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