RWM earnings down 79% on gaming suspension

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 of P311.21 million, a reversal of 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.

Resorts World Manila’s casino was closed 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, fueled by hotel operations. Average occupancy rate for the three hotels was 80 percent. —DORIS DUMLAO-ABADILLA