Resorts World owner posts P1.7-B profit

RESORTS World Manila (RWM) owner and operator Travellers International Hotel Group Inc. posted a 2-percent year-on-year growth in first quarter to P1.7 billion on the back of higher non-gaming revenues and cost management measures.

In a statement, Travellers said it continued to “pursue quality of earnings and operating efficiency while growing its stronghold in the mass and retail segment.”

Gaming revenues contributed P6.8 billion of gross revenues, about 5.5-percent lower than the P7.2 billion reported in the same period last year. Non-gaming revenues—from hotel, food and beverage and other sources—went up 36 percent to P780.5 million from P575.32 million in the same quarter last year.

The company said the hotel performance for the first quarter remained solid with all three hotels—Maxims Manila Hotel, Remington Hotel and Marriott Hotel Manila—registering occupancy rates above 85 percent. Total room count for the three hotels remains at 1,226.

Gross revenues amounted to P7.6 billion. Meanwhile, total expenses for the quarter fell by 2.9 percent year-on-year to P2.2 billion while general and administrative expenses dropped 11.8 percent to P2.7 billion.

Daily foot traffic at Resorts World Manila increased by 9 percent to 20,229 despite prolonged holidays during the Pope’s visit, the Holy Week and the temporary inconveniences caused by the ongoing Skyway elevated tollroad construction.

“We continue to fast-track our expansion by simultaneously developing RWM’s phase two and three,” said Travellers president Kingson Sian. “For Phase three, Marriott Grand Ballroom, the largest ballroom in the country, opened its doors to the public in April 2015, while the Marriott West Wing will be completed by the first quarter of 2016. Phase three consists of three hotels—the Hilton Manila and the Sheraton Manila Hotel, as well as the new wing of Maxims Hotel. It will also include a gaming area, additional retail space and six basement parking decks by the end of 2017. Total hotel room count for Phases 2 and 3 upon completion will be 1,164,” he added.