Travellers International Hotel Group Inc, operator of the Newport World Resorts casino and leisure complex in the Philippine capital Manila, recorded a “significant improvement” in its earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the second half this year.
That was according to a Thursday filing from the parent, Philippine conglomerate Alliance Global Group Inc.
Travellers International achieved EBITDA of PHP2.5 billion (US$44.1 million) in the three months to June 30, “a significant 21-percent quarter-on-quarter improvement”.
The firm’s gross revenues stood at PHP9.2 billion in the second quarter, as gross gaming revenues (GGR) reached PHP7.5 billion, “on the back of the steady growth in mass business,” stated the parent in a filing to the Philippine Stock Exchange.
Non-gaming revenue – mainly from its hotels and its retail operations – amounted to PHP1.7 billion, “amid stable hotel occupancy of 90 percent as the Newport World Resorts complex continued to enjoy healthy foot traffic,” according to the announcement.
During the reporting period, Travellers “significantly reduced” its overall costs and expenses, “beefing up its attributable income which grew by more than double quarter-on-quarter” to PHP217 million.
“Travellers intends to continue with its cost management efforts to allow the company to further enhance its operating efficiency moving forward,” noted the parent.
Travellers International’s first-half EBITDA grew by 11 percent year-on-year, to PHP4.5 billion. Attributable income to the parent in the first six months this year stood at PHP315 million, on gross revenues of PHP18.9 billion.
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.
Alliance Global said in June that it plans to allocate PHP5 billion this year to Travellers International, for “ongoing expansion projects” at Newport World Resorts. That includes the development of a 157-room The Narra Palm Hotel and Villa.
In May, Newport World Resorts said it was “strengthening its online gaming system and platform to be able to compete in the online gaming segment of the Philippine gaming industry”.
