Travellers International Hotel Group Inc, operator of Manila’s Newport World Resorts, reported gross gaming revenues of Php7.5 billion (US$130 million) in the three months to 31 March 2024, down 16% year-on-year due to weakness in the VIP gaming segment.
According to details contained in parent company Alliance Global Group’s 1Q24 earnings deck, Newport World Resorts saw VIP gaming revenues decline by 42% year-on-year and 16% sequentially to Php3.2 billion (US$55.6 million), while mass GGR actually grew by 28% year-on-year, down 4% sequentially, to Php4.3 billion (US$74.7 million).
Non-gaming revenue of Php1.8 billion (US$31.3 million) was flat year-on-year but down 28% versus 4Q23, with EBITDA of Php1.4 billion (US$24.3 million) down 33% year-on-year and 35% quarter-on-quarter.
Travellers said the decline in GGR was traced to a decline in VIP volume and hold rates, but the increasing share of mass versus VIP was evidence that its marketing activities have been gaining more traction in the market.
Profitability, the company added, was impacted by higher direct costs and marketing expenses.
NWR was home to 503 gaming tables and 2,297 slot machines for the quarter, with hotel occupancy in its 2,742 hotel rooms solid at 82%, Travellers said.
