GGRAsia – Travellers 2Q gross revenues up 17pct q-o-q, to US$192mln

Travellers 2Q gross revenues up 17pct q-o-q, to US$192mln

Aug 14, 2024 Newsdesk Latest News, Philippines, Top of the deck

The net income attributable to the owners of Travellers International Hotel Group Inc, which runs the Newport World Resorts casino and leisure complex in the Philippine capital Manila, reached PHP423 million in the second quarter. The figure represented a “38-fold quarter-on-quarter increase,” said the parent, Alliance Global Group Inc, in a Wednesday announcement.

Travellers International “recorded a significant improvement in overall performance in the second quarter of 2024”, according to a press release lodged with the Philippine Stock Exchange.

Gross revenues at Travellers International increased by 17 percent quarter-on-quarter to PHP10.9 billion for the three months to June 30, according to the announcement.

Such increase was “largely due to the sharp 20 percent quarter-on-quarter expansion in gross gaming revenues,” stated the parent.

Travellers International’s non-gaming segment – mainly from its hotels and its retail operations – “sustained a revenue growth of 8 percent quarter-on-quarter, on higher average hotel occupancy of 84 percent” in the April to June period.

The update said the Newport World Resorts complex “broke a new record in average daily footfall, hitting 44,000 visitors” in the second quarter.

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.

In June, Alliance Global confirmed a leadership change at Newport World Resorts, attributing it to the conclusion of a “year-long transition plan”.

In the first half of 2024, net income attributable to owners of Travellers International stood at PHP434 million, on gross revenues of PHP20.1 billion, according to Wednesday’s filing.

Alliance Global said in July that Travellers International would use PHP10 billion this year “for its ongoing expansion projects, mainly within its Newport World Resorts complex”.