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Resorts World Manila op posts 2Q profit on one-off item

Aug 13, 2021 Latest News, Philippines, Top of the deck  

Resorts World Manila op posts 2Q profit on one-off item

Travellers International Hotel Group Inc, the owner and operator of the Resorts World Manila casino resort (pictured), saw its second-quarter gross revenues fall by 12 percent quarter-on-quarter to PHP4.6 billion (US$91.2 million), according to a Thursday filing by the parent firm, Alliance Global Group Inc.

Travellers International “felt the heavy weight of the reimposed lockdown when it virtually had no gaming operations for the most part of the second quarter,” stated the document. Travellers International is a 50-50 venture between Alliance Global and cruise ship specialist Genting Hong Kong Ltd.

Most casinos in Metro Manila were closed – on a temporary basis – during the second quarter, as the authorities in the Philippines introduced a so-called “enhanced community quarantine” to the national capital region. The government’s guidelines were eased in mid-May to “general community quarantine”, but returned to the more stringent measures earlier this month.

Travellers International’s gross gaming revenues for the second quarter stood at PHP3.4 billion, while its non-gaming revenues amounted to PHP1.2 billion for the same period.

Despite the decline in revenue, the company reported net income of PHP3.74 billion for the three months to June 30, on the back of a PHP4.8-billion one-time gain from services rendered by a subsidiary in relation to the Westside City project.

Via one of its units, Travellers International is involved in the development of the Westside City project located at Entertainment City, which also involves a casino hotel to be managed by Hong Kong-listed Suncity Group Holdings.

For the first six months of 2021, Travellers International recorded a profit of PHP2.6 billion, compared to a net loss of PHP3.7 billion a year earlier.

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