Travellers International Hotel Group, the operating entity of Manila’s Newport World Resorts (formerly Resorts World Manila), saw its gross gaming revenues climb 143% year-on-year to Php14.7 billion (US$263 million) in 1H22, including a 25% quarter-on-quarter increase to Php 8.2 billion (US$147 million) in the three months to 30 June 2022.
The financial update, which formed part of Alliance Global Group’s (AGI) quarterly report, attributed the improvement to “the easement of mobility restrictions under Alert Level 1” as the Philippines emerges from the COVID-19 pandemic. AGI is a joint venture partner in Newport World Resorts alongside Genting Hong Kong.
AGI said that net gaming revenues grew by 87% year-on-year to Php9.6 billion (US$172 million) in H1 and 186% year-on-year to Php5.6 billion (US$100 million) in Q2, which also represented a 44% increase over the March 2022 quarter.
Non-gaming core revenues from hotels, food, beverage and others improved 25% year-on-year to Php2.3 billion (US$41 million) in H1 and 14% year-on-year to Php1.4 billion (US$25 million) in Q2, up 50% quarter-on-quarter, “due to loosening of mobility and travel restrictions resulting in increased foot traffic, foreign tourist arrivals and MICE activities.”
Since the gradual reopening of tourism to international tourists since 10 February, hotel occupancy rates of the five hotels within Newport World Resorts ranged from 50% to 84% compared with between 40% and 72% a year ago).
Due to the increased activity, AGI said promotional allowance had expanded to to Php5.1 billion, up 83% year-on-year.
The improved results come after (AGI) said earlier this year that it plans to spend Php4 billion (US$75 million) on expansion projects at Newport World Resorts in 2022. It subsequently announced the decision to rebrand the property in July.
