Philippine-listed casino operator Travellers International Hotel Group Inc. continues to suffer the fallout from last Friday’s casino rampage, bleeding an estimated $95.41 million in market capitalization over the past two trading days.
Data from the Philippine Stock Exchange shows that the casino operator’s market cap plunged 8.8 percent to US$986.07 million from $1.08 billion as a result of Friday’s aftermath, that left 37 people, including the armed gunman, dead.
From $0.07 on Thursday, shares of Travellers are now down to $0.06.
Travellers informed the Philippine bourse that it will “voluntarily” suspend its operations in all facilities affected by Friday’s deadly attack.
It also deferred its scheduled stockholders meeting on June 9, saying that it is “insensitive to discuss financials and expansion plans as if it is business as usual.”
“The Board of Directors of the Company deemed it prudent to postpone the Annual Stockholders’ Meeting originally scheduled on June 9, 2017 out of deference and sympathy to the families of the deceased and the injured from the tragic June 2 incident,” Travellers said. “The Company’s position is that Resorts World Manila is voluntarily suspending its operations in affected facilities (especially the gaming areas) until all investigations are concluded by the PNP and BFP and safety is certified by appropriate authorities.”
Meanwhile, authorities are still looking for clues of possible negligence committed by Travellers. So far, fire investigators noted the lack of directional emergency signs and a sprinkler system inside the gaming facility.
Philippine Justice Secretary Vitaliano Aguirre II said that the remains of most of the fatalities were found just a few meters away from the fire exit that could have led them out of the casino, according to ABS-CBN News online.
Rappler quoted Philippine Bureau of Fire Protection – National Capital Region chief Rico Tiu to have said that the sprinklers inside the casino complex were not enough to save the victims. The firemen are also looking whether the facility’s smoke evacuation system conked out during the blaze.