Business and Economy
Resorts World operator’s revenues hit P11.2-B
MANILA— Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), ended the first semester of 2017 with gross revenues amounting to PHP11.2 billion.
In its disclosure with the Philippine Stock Exchange (PSE) Monday, TIHGI did not detail its revenue performance as the listed company was hit by fire on June 2.
But in its previous disclosures, TIHGI revealed it’s gross revenues in January to June 2016 declined to PHP1.2 billion, down 18.8 percent from PHP13.8 during the same period the previous year.
“With the casino non-operational for 27 days in June, gross gaming revenues ended the first half of the year at PHP9.2 billion,” 22 percent lower than the PHP11.8 billion in the same period last year.
For the second quarter alone, gaming revenues fell 37 percent to PHP3.9 billion this year from PHP6.2 billion in 2016.
Meanwhile, TIHGI said revenues of its non-gaming segments grew 3.9 percent to PHP2 billion in the first half of 2017 from the same period last year driven by its hotel operations with average occupancy rate of 80 percent.
TIHGI is currently oeprating three hotels — Maxims Hotel, Remington Hotel, and Marriott Hotel Manila.
The company’s overall property visitation reached an average of 26,585 visitors a day.
It said the second floor of RWM that was affected by the June 2 incident will be converted into a retail zone.
“We must be dynamic and aggressive to make sure that RWM is ready for increased competition and the expanding market,” said TIHGI President and CEO Kingson Sian.
“RWM remains committed in implementing necessary enhancements that ensures the safety, security and enjoyment of our customers and guests,” Sian added.
TIHGI also has Phase 3 development in its property in Newport City in Pasay City which involves construction of three new hotels — Hilton Manila, Sheraton Manila Hotel, and Maxims II — adding 940 rooms to its hotel operations.
