GGRAsia – Revenues at Newport World Resorts up 164pct in 4Q

Revenues at Newport World Resorts up 164pct in 4Q

Apr 19, 2023 Newsdesk Latest News, Philippines, Top of the deck

The owner and operator of Philippine casino and leisure complex Newport World Resorts (pictured), in the capital Manila, said fourth-quarter overall revenues rose 164 percent year-on-year, to PHP8.60 billion (US$153.6 million). Fourth-quarter gaming revenues were said to have risen 133 percent year-on-year, as “overall drops across all gaming segments improved”, according to a Tuesday filing.

Full-year profit attributable to the owner was nearly PHP1.06 billion, compared to a loss of just under PHP568.9 million in 2021.

The information was in a filing to the Philippine Stock Exchange on Tuesday from local conglomerate Alliance Global Group Inc, the controlling entity of Travellers International Hotel Group Inc.

The parent stated – referring to the lifting nationally of Covid-19 countermeasures during the trading year – the property had “performed remarkably stronger year-on-year in all quarters of the year as it benefitted from the easement of mobility restrictions under alert level 1 and is now operating at full capacity”.

Travellers International’s full-year revenues jumped 104.2 percent, to just under PHP26.91 billion.

Full-year gross gaming revenue (GGR) rose 90.3 percent compared to 2021, to PHP31.83 billion, from just under PHP16.73 billion.

The filing added that “with the resumption of promotional activities to drive foot traffic,” spending on promotional allowances expanded to nearly PHP10.23 billion in 2022, up 59.9 percent year-on-year.

Full-year 2022 net gaming revenues went up 109.1 percent year-on-year, to PHP21.60 billion.

Travellers International said non-gaming core revenues – i.e., including from hotel, food, drink and other services – “improved 86 percent year-on-year to PHP5.3 billion, primarily due to the recovery of average room rates, the return of corporate events, and various MICE [meetings, incentives, conferences and exhibitions] activities”.

From the time of its launch in 2009, the complex had been known as Resorts World Manila, with the now-defunct cruise ship operator Genting Hong Kong Ltd having been a founding partner. The site was rebranded in July last year as Newport World Resorts.

Tuesday’s filing stated that phase 3 of Newport World Resorts had been completed with the opening of the 190-room Hotel Okura Manila. “Additional VIP gaming areas and retail stores at the Grand Wing will soon be opened which will provide unique customer experiences across a variety of gaming and non-gaming amenities,” it added.

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.