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Wednesday, November 22, 2017

Travellers incurs P34-M loss after June incident

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By James A. Loyola

Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), incurred an unaudited consolidated net loss of P34.13 million in the first nine months of the year from a P2.98-billion profit in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said gross revenues reached P15.7 billion, lower than the P20.78 billion in the comparable period of 2016 while EBITDA amounted to P2.6 billion for the nine months of 2017.

“The casino was closed for 27 days in June this year and the second floor gaming has not been restored despite reopening of the casino,” the firm explained.

Gross gaming revenues ended at P12.8 billion over the nine months of the year while revenues from the non-gaming segment increased by 5.1 percent to P2.9 billion, driven by hotel and MICE operations. Average occupancy rate for the three hotels was 78 percent.

Travellers noted that “property visitation has recovered averaging 23,000 in the third quarter and 25,000 for the nine months of 2017.”

“We are happy to see guests returning to the property and are excited to introduce Phase 3 of Resorts World Manila very soon,” said TIHGI President & CEO Kingson Sian.

He added that, “this development will be fully operational by the end of 2018 and will realize our vision to be among the premier world-class integrated entertainment and tourism destinations in Asia.”

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