Manila’s Newport World Resorts – previously Resorts World Manila – saw gross gaming revenues climb by 36.2% year-on-year to Php8.89 billion (US$158 million) in the first three months of 2023, with drop amounts improving across all gaming segments, according to information from its ultimate parent, Alliance Global Group (AGI).
Publishing its 1Q23 financial results on Tuesday, AGI noted that promotional allowances grew at a slower rate year-on-year, leaving net gaming revenues to increase by 55.8% to Php6.11 billion (US$109 million). Newport World Resorts is operated by AGI subsidiary Travellers International Hotel Group Inc.
The property also enjoyed a significant increase in non-gaming revenues in the March quarter, almost doubling year-on-year to Php1.8 billion (US$32 million) due to an increase in mallgoers, hotel occupancy, corporate events and MICE activities. Hotel occupancy rates at Newport’s five hotels ranged from 66% to 85%.
Consolidated revenues ultimately grew by 63% year-on-year to Php7.9 billion (US$141 million) with a net profit of Php300 million (US$5.3 million) as operations normalized to pre-pandemic levels.
AGI, which also oversees developer Megaworld, premium spirits producer Emperador and Golden Arches – the master franchise owner of McDonald’s in the Philippines – said it remains “optimistic” about its future prospects despite challenges facing domestic and foreign economies.
The company’s group-wide revenues grew 34.1% year-on-year and by 22.5% over 1Q19 levels to Php50.3 billion (US$896 million), with net profit to owners up 20.4% to Php4.68 billion (US$83 million).
RelatedPosts
