Travellers Positive in Future Prospects
Travellers International Hotel Group, Inc. (PSE: RWM), owner and operator of Resorts World Manila (RWM), reported during its annual stockholder’s meeting today that 2018 showed positive results for both gaming and non-gaming segments, with total gross revenues amounting to PhP24.7 billion. EBITDA and net income for the year amounted to PhP3.9 billion and PhP1.4 billion, respectively.
TIHGI President and CEO Kingson Sian said, “For the past two years, our efforts have been focused on rebuilding and expansion. That focus is reflected in our performance last year.”
TIHGI’s gross gaming revenues rose to PhP20.0 billion in 2018, while non-gaming gross revenues reached PhP4.7 billion. Foot traffic averaged close to 28,500 per day, ending with a total of 10.4 million guests by the end of the year. Meanwhile, average occupancy rates for Marriott Hotel Manila, Maxims Hotel, Hilton Manila, and Holiday Inn Express Manila Newport City remained steady at 79%.
Sian revealed that with the partial opening of the Grand Wing in 2018, additional gaming spaces were added to the existing Garden Wing and Holiday Inn Express casinos, allowing the company to further improve its premium and VIP segments.
The new facility will also increase the number of hotel rooms to around 3,555, the most number of rooms in a single property, with the recent opening of Hilton Manila in October 2018, Sheraton Manila Hotel in January 2019, as well as the upcoming opening of Hotel Okura Manila, collectively adding 940 hotel rooms at the Grand Wing.
