Travellers International Hotel Group, operator of Manila’s Newport World Resorts, has pointed to lower win rates for a 4.5% decline in net gaming revenues through the first nine months of 2024.
The company reported net gaming revenues of Php17.5 billion through 30 September, stating the “decline in gross gaming revenues [was] due to lower win rates [despite] an overall volume growth.”
However, non-gaming core revenues from hotels, food, beverage and other operating income climbed 9% year-on-year to Php5.4 billion, driven by a rise in F&B covers, occupancy rates in hotels and mall tenants.
Travellers’ results for the first nine months of 2024 formed part of parent company Alliance Global Group’s (AGI) Quarterly Report for Q3, although a full breakdown of gaming performance is expected to be published next week when the company hosts an investor’s day.
Nevertheless, AGI revealed that Travellers recorded total revenue of Php7.33 billion in the September quarter, down 11.5% year-on-year and 20.1% quarter-on-quarter. For the first nine months of the year combined, revenue is up 0.9% at Php23.6 billion.
Travellers said its hotels at Newport World Resorts have benefitted from the growth in both domestic and international tourism in 2024, with the occupancy rates of its five hotels ranging from 77% to 88% versus 74% to 86% a year ago.
Travellers group accounted for 15% of AGI’s consolidated revenues and income, and 2% of consolidated net profit, it added.
