GGRAsia – GGR at Newport World Resorts up 36pct y-o-y in 1Q

GGR at Newport World Resorts up 36pct y-o-y in 1Q

May 16, 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 first-quarter overall revenues rose 62.9 percent year-on-year, to PHP7.90 billion (US$140.9 million). First-quarter gross gaming revenues increased by 36.2 percent during the period, to just above PHP8.89 billion, according to a Tuesday filing.

Net profit for Travellers International Hotel Group Inc was PHP348.7 million in the first three months of 2023, contrasting with a loss of PHP219.7 million a year earlier, “as current operations normalised to pre-pandemic state”, as compared to the same period last year when “travel and mobility restrictions were in place”.

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.

Net gaming revenues went up 55.8 percent year-on-year in the first quarter, to about PHP6.11 billion. “Overall drops improved across all gaming segments year-on-year,” it said.

Travellers International’s non-gaming core revenues – i.e., including from hotel, food, drink and other services – “almost doubled to PHP1.8 billion”. The result was positively impacted by “the increase in number of mall goers, hotel occupancy, corporate events and MICE [meetings, incentives, conventions and exhibitions] activities.”

Direct costs for the first quarter went up significantly in the initial three months of 2023, increasing by about 45 percent year-on-year: costs related to gaming operations stood at almost PHP2.73 billion, up 40.2 percent in year-on-year terms.

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.

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. Average occupancy rates for the first quarter of 2023 ranged from 66 percent to 85 percent, according to Alliance Global’s Tuesday filing.