Travellers International Hotel Group, the joint venture firm that owns and operates Resorts World Manila (RWM), reportedly achieved Adjusted EBITDA of Php425 million (US$8.9 million) in 2020 despite the ravages of the COVID-19 pandemic.
The update formed part of a press release issued by Alliance Global Group (AGI), a joint venture partner in Travellers alongside fellow investor Genting Hong Kong, outlining the company’s intention to “recalibrate its strategies” around the market focus of its various companies to achieve a more balanced portfolio in a post-pandemic world.
AGI’s interests include real estate giant Megaworld Corporation, spirits manufacturing company Emperador Inc and McDonald’s Philippines.
While detail on Travellers’ 2020 results were light – Travellers has not directly reported its financial results since delisting from the Philippine Stock Exchange in late 2019 – AGI revealed that net gaming revenues at RWM stood at Php9.4 billion and non-gaming revenues at Php2.8 billion (US$58.5 million).
Gaming revenues, it said, were up 33% quarter-on-quarter. AGI had previously reported a net loss of Php5.4 billion (US$112.1 million) for Travellers in the nine months through September with total gross revenues of Php11.5 billion (US$238.6 million) and GGR of Php9.3 billion (US$193.0 million).
AGI noted that Travellers upgraded the Garden Wing casino at RWM during 2020 to complement its Grand Wing casino in preparation for the “new normal.”
