By James Loyola
Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported lower revenues and earnings for 2017 although it noted that its fourth quarter performance has picked up.
In a disclosure to the Philippine Stock Exhange, TIHGI reported unaudited consolidated gross revenues ending of P21.1 billion last year from the P25.09 billion registered in 2016.
Earnings before interest, taxes, depreciation and amortization (EBITDA) dropped to P3.5 billion in 2017 from the P6.4 billion reported for 2016. It did not disclose the net income for 2017.
“Gross gaming revenues continued to recover after the loss of the second floor gaming in June 2017, increasing by 22 percent in the fourth quarter compared to the previous quarter and ending at P17.1 billion,” TIHGI said.
TIHGI President and CEO Kingson Sian said “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.”
He added that, “this new facility will be called Grand Wing while the original facility will be called Garden Wing. 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.