Travellers International Hotel Group Inc, the operating entity of Manila’s Newport World Resorts, reported gross gaming revenues of Php34.2 billion (US$600.1 million) in 2023, up 7% year-on-year.
The update, part of a press release from parent company Alliance Global Group (AGI), also revealed an 8% increase in EBITDA to Php8.2 billion (US$143.8 million) which it said was the highest level since 2012 and came despite “rising cost pressures”. Net income grew by 89% year-on-year to Php2.0 billion (US$35.1 million).
Net revenues reached Php31.9 billion (US$559.5 million), up 19% on 2022, driven by the resurgence in tourism and MICE. AGI said this allowed for a 40% year-on-year increase in hotel and other revenues to Php7.4 billion (US$129.8 million).
Company-wide, AGI reported record-breaking net income of Php30.3 billion (US$531.8 million), up 20% year-on-year, with attributable net profit also reaching a new high of Php19.6 billion (US$344.0 million), reflecting a 21% increase from the year before. Consolidated revenues hit reached Php211.2 billion (US$3.71 billion), up 15% year-on-year.
“2023 was a historic year for the Group as it delivered excellent performance across all of its businesses, led by its real estate, tourism and consumer segments,” said AGI’s CEO, Kevin Tan.
“This was achieved even amid heightened competition in the domestic and global market, various macro challenges in some key markets, rising cost pressures and higher interest rates. Most of our businesses have forged results beyond pre-pandemic levels, even posting new highs in terms of sales, EBITDA, net profit, and all other operating metrics. Such strong performance has encouraged us to carry on with our aggressive business strategies and expansion plans across our diversified portfolio.”
AGI’s other interests include real estate development via Megaworld Corporation, spirits manufacturing through Emperador Inc, the Philippines’ McDonald’s franchises through Golden Arches Development Corporation (GADC) and infrastructure development through Infracorp.
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