Thursday, June 30, 2022

Travellers year-end profit slumps due to gunman attack


Travellers International Hotel Group, Inc., owner and operator of Resorts World Manila (RWM), saw a decline in net revenue and profits for the year ended December 31, 2017.

Net revenues declined to P19.3 billion (US$369.2 million) in the year, due mainly to a nearly month-long closure of the gaming area after the lone gunman attack June.

Gaming revenues fell to P17.1 billion, down 26.5 percent from 2016, while net profit reached P241.7 million, down 92 percent compared to 2016.

However, while third quarter results were down as a result of the casino closure, Travellers reported a strong Q4 recovery, with a 5 percent increase in revenues from its non-gaming segment to P4 billion during the year driven by hotel and MICE operations.

Property visitation continued to improve averaging 27,000 in the fourth quarter, up from 23,000 in the third quarter.

“We are pleased to see continuous improvements in our quarterly results and expect to sustain this upward trend, especially with the partial opening of Phase 3 development’s gaming area in the near future. This new facility will be called Grand Wing while the original facility will be called Garden Wing.” said Kingson Sian, President & CEO of TIHGI. “The Grand Wing’s three hotel brands will open in phases beginning mid this year, with all three open by year end.”

Grand Wing will have three international luxury hotels – Hilton Manila, Sheraton Manila Hotel, and Hotel Okura Manila, adding approximately 940 rooms. It will also include new gaming and retail spaces, as well as six basement parking decks.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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