Travellers turns around with P1.8-B profit net

Published November 13, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported a turnaround with an unaudited consolidated net of P1.82 billion in the first nine months of 2018 from the P34.13 million loss in the same period last year.

Travellers international

In a disclosure to the Philippine Stock Exchange, the firm said gross revenues rose to P16.98 billion in the period under review from P15.7 billion in the same period of 2017.

For the first nine months of 2018, gross gaming revenues rose by 7.5 percent year-on-year to P13.8 billion while non-gaming revenues rose by 11.3 percent to P3.2 billion.

On a quarter-on-quarter basis, gross gaming revenues saw a 4.9 percent increase to P4.7 billion versus P4.5 billion in the second quarter driven by growth in both the non-VIP and VIP segments.
Non-gaming revenues generated P1.2 billion in the third quarter, increasing by 10.7 percent versus the second quarter.

Property visitation averaged 27,500 per day in the third quarter and average occupancy rate for the three hotels – Marriott Hotel Manila, Maxims Hotel, and Holiday Inn Express Manila Newport City – was 79 percent.

“The latest addition to the hotel portfolio of Resorts World Manila is the Hilton Manila, which opened its doors to the public last October 25,” said RWM President and CEO Kingson Sian.

He added that, “the hotel offers 357 rooms, three restaurants, two bars, several meeting spaces, and a 545-square meter ballroom that can accommodate up to 600 people for a cocktail set-up.”

“We will continue to invest in the property to be able to provide thrilling and unique experiences for our customers. We are in full swing working to complete our Phase 3 development called the Grand Wing,” said Sian.

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

 
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