Travellers International Hotel Group, Inc, the owner and operator of Resorts World Manila (RWM), saw its gross gaming revenues soar by 53.8% to Php6.89 billion (US$131.8 million) in the three months to 31 March 2019, driven by sustained growth in both the VIP and mass segments.
Releasing its 1Q19 financial results on Tuesday, Travellers revealed the increases also saw EBITDA rise significantly, up 68.9% to Php1.41 billion (US$27 million), while segment profit rose from Php740.6 million to Php924.2 million. Net profit across all segments fell, however, by 45.2% to Php243.4 million (US$4.5 million) due to a rise in non-gaming segment losses.
The boost in gaming at Resorts World Manila is largely down to an increase in gaming capacity following the launch of a new ground floor gaming area in the Grand Wing last year. Since 1Q18 the number fo gaming tables property-wide has risen from 233 to 300 and the number of EGMs from 1,321 to 1,830.
Average daily property visitation also increased by 41.4% to a record high of 35,110.
“We’ve been receiving very positive comments after the soft opening of the Grand Wing last year. We are confident that we can deliver sustainable top line and EBITDA growth moving forward.” said Kingson Sian, President and CEO of RWM.
“With the opening of Hotel Okura Manila in the second half of this year, total room count at the Resorts World Manila complex will be approximately 3,500, supporting the continued growth of the Philippine tourism industry .”
When fully operational, the Grand Wing will feature three levels of gaming, entertainment and retail spaces and three international branded hotels in Okura, Hilton Manila and Sheraton Manila.
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