GGRAsia – Newport World op has 3Q loss, net rev up 28pct y-o-y

Newport World op has 3Q loss, net rev up 28pct y-o-y

Nov 15, 2023 Newsdesk Latest News, Philippines, Top of the deck

The third-quarter net loss attributable to the owners of Travellers International Hotel Group Inc, which runs the Newport World Resorts casino and leisure complex (pictured) in the Philippine capital Manila, narrowed year-on-year to PHP13 million (US$232,252) on a consolidated basis, compared to a loss of PHP131 million in the prior-year quarter.

The information was in a Wednesday filing to the Philippine Stock Exchange by the parent, Alliance Global Group Inc.

In the second quarter this year, Travellers International had reported a profit for the period, amounting to PHP302 million.

Third-quarter net revenues and income were nearly PHP8.28 billion, up 28.3 percent year-on-year. Compared to the second quarter’s PHP7.35 billion, they were up 12.6 percent.

Travellers International’s third-quarter expenses rose 24.1 percent year-on-year, to nearly PHP8.29 billion. Judged quarter-on-quarter, expenses were up nearly 21.0 percent.

Profit attributable to the owners across the first nine months of 2023, was PHP503 million, compared to a loss of PHP111 million in the same period of 2022. Travellers International’s revenue for the nine months to September 30 stood at PHP23.42 billion, versus PHP18.35 billion in the first nine months of 2022.

For the first nine months this year, Travellers International reported that gross gaming revenues rose circa 12 percent year-on-year while promotional allowance “depleted 4 percent year-on-year”. This resulted in net gaming revenues growing 19 percent year-on-year to PHP18.3 billion at end of the period.

“The period showed higher drops in the mass segment as it surpassed pre-pandemic 2019 levels,” said the parent.

Non-gaming core revenues – from hotels, food, beverage and other operating income – rose 29 percent year-on-year to PHP5.0 billion, “following the increase in number of mall goers, hotel occupancy, corporate events and MICE [meetings, incentives, conferences and exhibitions] activities”.

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.