Travellers International Hotel Group Inc, which runs the Newport World Resorts casino and leisure complex in the Philippine capital Manila, reported net revenue of PHP8.4 billion for the fourth quarter of 2024, up 2.4 percent from a year ago. The revenue tally rose by 15.1 percent sequentially.
Travellers International’s gross gaming revenue (GGR) stood at PHP7.7 billion in the three months to December 31, down 7.2 percent from a year earlier, and 2.5-percent lower than in the preceding three months. That was according to a Tuesday filing from the parent, Philippine conglomerate Alliance Global Group Inc.
Mass-market GGR for the reporting period stood at PHP4.3 billion, flat sequentially, but down 4.4 percent year-on-year. The VIP segment in the October to December period recorded PHP3.3 billion, a decline of 13.2 percent from a year ago, and down 8.3 percent sequentially.
The amount of promotional allowances in the last quarter of 2024 stood at PHP1.8 billion, down from PHP2.1 billion a year earlier, and compared with PHP2.3 billion in the third quarter of 2024.
In Tuesday’s filing, the parent said net revenues at Travellers International were “steady” as promotional expenses “were contained while GGR declined”.
“Continued expansion in mass GGR – due to increases in volume and steady hold rates – cushioned weak VIP GGR, amid lower rolling volume and VIP win rate,” stated the update.
Travellers International recorded earnings before interest, taxation, depreciation (EBITDA) of PHP3.2 billion, up 45.5 percent from the prior-year period. Such EBITDA was up 60.0 percent sequentially.
For full-year 2024, Travellers International’s GGR stood at PHP32.0 billion, a 6.4-percent decline from the previous year. About PHP17.4 billion derived from the mass-market segment, according to Tuesday’s announcement.
Net revenue stood at PHP31.3 billion in 2024, compared with PHP31.5 billion in the previous year. EBITDA reached PHP9.2 billion last year, up 12.2 percent from 2023.
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.
The casino at the complex had 2,383 slots and 495 VIP and mass gaming tables as of the end of December last year.
In June, Alliance Global confirmed a leadership change at Newport World Resorts, attributing it to the conclusion of a “year-long transition plan”.
