Resorts World Manila operator loses P4.7B in market cap after deadly incident

Resorts World Manila operator Travellers International Hotel Group Inc. has lost P4.726 billion in market capitalization after its shares continued to register losses on Monday following the attack last week.

Since the attack in Resorts World last week, shares of Travellers have fallen by 3 centavos or 8.82 percent to P3.10 apiece on Monday, from the P3.40 per share on Thursday.

In the process, the company has lost P4.726 billion of market capitalization to P48.843 billion, down from the P53.569 billion on Friday.

"It's because of what happened to Resorts World last Friday, past 12 midnight," Aniceto K. Pangan, equities trader at Diversified Securities Inc., said in a phone interview.

He was referring to the shooting incident where a gunman later identified as Jessie Javier Carlos  stormed into the casino. He started a fire that caused the death of 38 people due to suffocation.

Gaming regulator Philippine Amusement and Gaming Corp. (PAGCOR) has since ordered Resorts World Manila to submit a comprehensive report on the attack.

Justice Secretary Vitaliano N. Aguirre II has also ordered the National Bureau of Investigation (NBI) to conduct a probe on the incident.

For its part, Resorts World said it will provide P1 million as assistance to the family of each victim killed during the attack.

"They're actually seeing a lot of probable cases being filed. It really depends on how the affected parties would react after the incident," Pangan said.

"We really don't know if it's just short term, but definitely I would say they will be able to recover from the incident considering this is a well-managed company," he added. —JST, GMA News