Travellers International Hotel Group, Inc. (PSE: RWM), owner and operator of Resorts World Manila, reported unaudited consolidated financial results for the second quarter of 2019 with gross revenues and EBITDA slightly down from the previous quarter amounting PhP8.1 billion and PhP1.5 billion, respectively.
Travellers’ gross gaming revenues was PhP6.6 billion driven by the sustained growth of the non-VIP and VIP segments. While, non-gaming revenues amounted to PhP1.4 billion.
Second quarter net income declined by 52% compared to the same period last year to PhP599 million due to higher finance charges and increase in depreciation expense.
Average occupancy rate for the five hotels which includes Marriott Hotel Manila, Maxims Hotel, Hilton Manila, Holiday Inn Express Manila Newport City, and Sheraton Manila (launched in Jan 2019) fell to 77% from 81% for the same period last year as a result of the additional 747 hotel rooms.
The Company is looking to complete its Grand Wing facility in the latter part of this year which will include 2 levels gaming, entertainment, and retail spaces. It will also include 3 international branded hotels with Hilton Manila and Sheraton Manila already which has already started operations, while Hotel Okura Manila is slated to be launched in the first quarter of 2020.