Travellers International net income up P1.7 billion

TAGs: Philippines, Resorts World Manila, travellers international

travellers-international-net-income-up-p1-7-billionResorts World Manila owner and operator Travellers International Hotel Group Inc. posted 1.6% year-on-year growth in Q1 to P1.7b ($38.2m).

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 fell to P6.8b, about 5.5% lower than the P7.2b reported in the same period last year. Non-gaming revenues from hotel, food and beverage and other sources went up 36% to P780.5m.

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—recording occupancy rates above 85%. Total room count for the three hotels remains at 1,226.

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

Resorts World Manila’s daily foot traffic increased by 9% to 20,229 in spite of long holidays during the Pope’s visit, the Holy Week, and the temporary inconveniences by the ongoing Skyway elevated toll road 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,” Kingson added.

Travellers spent P5.9b for its ongoing Phase 2 and 3 projects of Resorts World Manila in 2014.


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