Resorts World operator net profit jumps to P1.4B in 2018

Resorts World Manila (RWM) operator Travellers International Hotel Group Inc. saw its earning surge in 2018 on the back of its strong gaming and non-gaming business.

In a disclosure to the Philippine Stock Exchange on Friday, Travellers said its net income climbed to P1.4 billion, from P241.7 million in 2017.

Gross revenue stood at P24.7 billion, up 17 percent year-on-year driven by both gaming and non-gaming segments.

Gross gaming revenue jumped 17 percent supported by the sustained growth in all gaming segments. Likewise, non-gaming revenues rose by 17 percent to a high of P4.7 billion.

Property visitation grew by 11 percent averaging 28,500 per day while average occupancy rate for the four hotels - Marriott Hotel Manila, Maxims Hotel, Hilton Manila, and Holiday Inn Express Manila Newport City - was 79 percent with a total room count of 1,811.

“The improved performance was helped by the opening of the ground floor gaming at the Grand Wing as well as the launch of Hilton Manila and the Sheraton Manila Hotel,” Kingson Sian, Travellers president and CEO, said.

“Both hotels added a 747 rooms to the company’s hotel portfolio," Sian said.

The Grand Wing will have three international luxury hotels namely Hilton Manila which opened in October 2018, the Sheraton Manila Hotel which is on its soft opening, and the Hotel Okura Manila which will open this year.

This will bring the Grand Wing's hotel room count to approximately 940. It will include new gaming, entertainment, and retail spaces, as well as six basement parking decks.

“When the Grand Wing is fully operational, RWM will be the largest and most versatile integrated resort in the country offering our customers thrilling experiences,” Sian said.

Once construction of all hotels are completed, RWM will have the highest number of hotel rooms for a single property in the Philippines, he said. — RSJ, GMA News