Resorts World expands facilities
Travellers International Hotel Group Inc., which operates integrated tourism project Resorts World Manila, obtained the approval of state-run Philippine Amusement and Gaming Corp. to expand its gaming facilities.
A filing with the Philippine Stock Exchange on Monday showed that Resorts World Manila’s gaming capacity would increase to 420 gaming tables and 4,148 gaming machines.
At the end of 2013, the resort’s casino had a total area of 13,167 square meters with 287 VIP and mass tables, 1,822 slot machines and 210 electronic game units, according to its annual report.
The approval was in line with the resort’s expansion plans, which were partly funded by Travellers P20.4-billion initial public offering last year.
Travellers, a joint venture between Andrew Tan’s Alliance Global Group Inc. and Malaysia’s Genting Group, said earlier that new phases of Resorts World Manila would involve an increase in the establishment’s retail and gaming capacity.
Earnings came in softer for 2013 as financing costs and a lower “win rate” for its casino hurt the company’s bottom line.
Article continues after this advertisementDuring the period, Travellers posted a 59-percent drop in profit to P2.74 billion while full-year gross gaming revenues went up by 6.9 percent to P30 billion. Travellers said its performance would have shown a healthy growth rate over 2012 had the normal “win rate” been achieved.
Article continues after this advertisementThe company instead posted relatively low “win rates” particularly in the third and fourth quarters of 2013.
Three hotels were in operation at the end of 2013—the five-star 342-room Marriott Hotel Manila, the 172-all-suites Maxims Hotel, and the mid-range 712-room Remington Hotel.
“The company is currently developing several new hotels and other gaming and non-gaming attractions at [Resorts World Manila],” the company said in its annual report.
In line with this, it said, the construction of the Hilton Manila and Sheraton Hotel Manila, and the expansion of Maxims Hotel will be accompanied by an increase in both gaming and non-gaming facilities.
