Resorts World operator nets P375M

RESORTS World Manila contributed photo

Resorts World Manila (RWM) developer and operator Travellers International Hotel Group saw a 79-percent year-on-year decline in first semester net profit to P374.77 million following the suspension of gaming operations for nearly a month in June.

For the second quarter alone, Travellers incurred a net loss attributable to parent equity holders amounting to P311.21 million, a turnaround from the net profit of P638.61 million in the same period last year.

Gaming revenues for the six-month period fell by 21.68 percent year-on-year to P9.25 billion from P11.81 billion. For the second quarter alone, gaming revenues slid by 36 percent year-on-year to P3.99 billion.

To recall, Resorts World Manila’s casino was non-operational for 27 days in June following the rampage on June 2 by a lone gunman, who also set on fire the casino, killing a number of guests and employees.

Meanwhile, revenues from the non-gaming segment increased by 3.9 percent year-on-year to about P2 billion for the six-month period, fuelled by hotel operations. Average occupancy rate for the three hotels was 80 percent.

In a press statement on Monday, Travellers said the area of the second floor affected by the June 2 incident would be converted into a retail zone. Gaming capacity at the end of June stood at 218 tables, 1,407 slot machines, and 110 electronic table games. Daily foot traffic was estimated at an average of 26,585 in the first semester.

“We must be dynamic and aggressive to make sure that RWM is ready for increased competition and the expanding market,” said Kingson Sian, Travellers president and chief executive officer. “RWM remains committed in implementing necessary enhancements that ensures the safety, security and enjoyment of our customers and guests.”

The Phase 3 development will have three hotels, namely, Hilton Manila, Sheraton Manila Hotel, and Maxims II, adding around 940 rooms. It will also include new gaming and retail space, as well as six basement parking decks.

The company has invested around P65 billion to develop the integrated resort since 2008. It plans to launch its second integrated gaming resort along Manila Bay, Westside City Resorts World, by 2020.