Travellers International Hotel Group Inc, which runs the Newport World Resorts casino and leisure complex in the Philippine capital Manila, posted a consolidated net loss of PHP81 million (US$1.4 million) for the three months to September 30. That compared with a loss of about PHP21 million a year earlier.
Travellers International reported consolidated revenues and other income of nearly PHP7.33 billion in the third quarter, down 11.5 percent from a year earlier, and a decline of 20.1 percent sequentially, said the parent, Alliance Global Group Inc, in a Thursday announcement.
Cost and expenses for Travellers International also decreased by 10.7 percent year-on-year and 15.3 percent quarter-on-quarter, to just under PHP7.40 billion.
For the first nine months this year, Travellers International reported aggregate revenues of PHP23.63 billion, up 0.9 percent from a year earlier.
Such increase “was supported by the sustained rise in tourism and MICE [meetings, incentives, conferences and exhibitions] activities, which have allowed hotel and other revenues to grow by 9 percent year-on-year, to PHP5.4 billion,” stated the parent firm.
Travellers International ended the nine months to September 30 with PHP22.90 billion in core revenues, down 1.7 percent from a year ago.
Gross gaming revenues (GGR) for the first nine months of 2024 stood at PHP24.32 billion, a 6.3-percent decline from the prior-year period.
The parent said the GGR result showed an “increasing contribution from the mass segment, while the significant expansion in VIP rolling volume cushioned the impact of lower hold rate”.
The amount of promotional allowances in the nine-month period fell by 10.4 percent year-on-year, to PHP6.82 billion.
Net gaming revenues contracted 4.5 percent year-on-year to PHP17.49 billion, “with the decline in gross gaming revenues due to lower win rates in an overall volume growth,” added Alliance Global.
Newport World Resorts currently has five international hotel brands: Marriott Manila Hotel, Sheraton Manila Hotel, Hilton Manila, Hotel Okura Manila, and Holiday Inn Express Manila. It offers a total of 2,742 guest rooms.
In June, Alliance Global confirmed a leadership change at Newport World Resorts, attributing it to the conclusion of a “year-long transition plan”. The company has since appointed a number of new executives, the latest John Lucas, as chief hospitality officer.
Alliance Global said in July that Travellers International would use PHP10 billion this year “for its ongoing expansion projects, mainly within its Newport World Resorts complex”.
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