Travellers’ Net Profit Reached PhP244 M
Travellers International Hotel Group, Inc. (PSE: RWM), owner and operator of Resorts World Manila, reported unaudited consolidated financial results with gross revenues amounting to PhP8.5 billion while ended the quarter EBITDA at PhP1.4 billion.
Travellers’ recorded first quarter gross gaming revenues of PhP6.9 billion driven by the sustained growth of the non-VIP and VIP segments. While, non-gaming revenues amounted to PhP1.6 billion.
Average occupancy rate for the five hotels which includes Marriott Hotel Manila, Maxims Hotel, Holiday Inn Express Manila Newport City, Hilton Manila, and Sheraton Manila Hotel (launched in Jan 2019) stood at 78% with a total room count of 2,201.
Property visitation for the first quarter reached a daily average of about 35,000 driven by well received shows, concerts, and a higher number of MICE events.
“We’ve been receiving very positive comments after the soft opening of the Grand Wing last year. We are confident that we can deliver sustainable top line and EBITDA growth moving forward.” said Kingson Sian, President and CEO of RWM.
“With the opening of Hotel Okura Manila in the second half of this year, total room count at the Resorts World Manila complex will be approximately 3,500, supporting the continued growth of the Philippine tourism industry .”
The Grand Wing will include 3 levels of world-class gaming, entertainment, and retail spaces. It will also feature 3 international branded hotels with Hilton Manila and Sheraton Manila Hotel, which has already started operations, and Hotel Okura Manila, which is slated to be launched in the second half of this year.
