CASINO

Travellers International Q1 net income plunged 41%

TAGs: Philippines, travellers international

The first quarter of the year remained challenging for Philippine integrated gaming resort operator Travellers International Hotel Group as it reported a 41-percent drop in net income.

Travellers International Q1 net income plunged 41%In a disclosure to the Philippine Stock Exchange, Travellers announced that its net income shrank to PHP685.97 million (US$13.78 million) during the first three months of the year compared to the PHP1.16 billion ($23.3 million) it booked during the same period last year.

Traveller’s VIP business segment continues its downward trajectory as reflected in the casino operator’s gross gaming revenue (GGR), which fell 5.36 percent to PHP5.3 billion (US$106.46 million) from last year’s PHP5.6 billion ($112.48 million) first quarter GGR. Its EBITDA was steady at PHP1.4 billion ($28.12 million).

The only saving grace of Travellers was its non-gaming segment, which rose 9 percent year-on-year to P1.1 billion ($22.1 million).

“Much of this can be attributed to the solid improvement from the Meetings, Incentives, Conferences and Exhibitions/Events (MICE) business of Marriott Grand Ballroom and additional hotel rooms of the Marriott West Wing,” the company said in a press release.

RWM’s total room count now stands at 1,454 with an average occupancy rate of 86% for Maxims Hotel, Marriott Hotel Manila and Remington Hotel.

Overall average daily property visitation grew 7% year on year as vehicular traffic in the area improved with NAIA-X fully operational.

 “RWM’s continued expansion projects will further enhance the existing diversified offerings aimed to provide a holistic customer experience.” Kingson Sian, President & CEO, TIHGI, said.

The Company has invested approximately PHP 64.6 billion since 2008 contributing to the country’s appeal as a leisure tourism destination.

“We remain confident that the Philippine economy and the tourism industry will continue to grow and we look forward to launching our Phase 3 development by 2018,” Sian added.

Phase 3 will include three hotels, namely, Hilton Manila, Sheraton Manila Hotel, and Maxims II. It will also include additional gaming areas, new retail spaces and additional basement parking levels.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com