Resorts World Manila, the Philippines integrated resort located alongside Manila’s Ninoy Aquino International Airport, reported a 30% year-on-year increase in consolidated revenues and 43% increase in GGR in the three months to 31 March 2022, buoyed by a strong recovery on its gaming floors.
The financial results of RWM’s operating entity, Travellers International Hotel Group, were published by one of its joint venture partners, Alliance Global Group (AGI), on Wednesday.
The property recorded consolidated revenues of Php4.9 billion (US$93 million) while gross gaming revenue of Php6.5 billion (US$124 million) was 43% higher year-on-year thanks to the full relaunch of gaming activities in March. Casinos located within Manila’s IRs had been granted permission to operate at 75% capacity from early January provided they adhere to strict COVID-19 regulations, but falling case numbers saw all capacity restrictions dropped from 1 March.
According to AGI, non-gaming revenues from hotel, food and beverage and other sources also improved 46% year-on-year to Php900 million (US$17 million) “due to loosening of mobility and travel restrictions resulting in increased foot traffic, foreign tourist arrivals and MICE activities.”
Hotel occupancy rates at RWM ranged from 47% to 85%, up from 35% to 73% in 1Q21.
Travellers still fell to a Php221 million (US$4.2 million) loss for the quarter, although this was substantially narrowed from a loss of Php1.1 billion (US$21 million) a year earlier.
Group-wide, AGI – whose interests include real estate giant MegaWorld Corp, beverage production firm Emperador Inc and McDonald’s Philippines – recorded a 67% increase in net profit to Php5.4 billion (US$103 million) in 1Q22, with consolidated revenues up 18% to Php37.5 billion (US$714 million).
“Armed with the learnings we have acquired in the past couple of years, we target to achieve our pre-pandemic performance this year. We remain confident and optimistic of our growth prospects even in the face of current domestic and global headwinds,” said AGI CEO Kevin Tan.
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