Travellers International Hotel Group Inc, owner and operator of the Resorts World Manila casino property (pictured) in the Philippines, on Thursday said it remains committed and on track to complete its expansion plans.
“Our ongoing improvements and expansion continue, and much remains to be done,” said the company’s president and chief executive Kingson Sian.
“The good news is we made significant progress and built momentum last year which has put the company in a good position in 2015 and beyond,” Mr Sian said in a filing to the Philippine Stock Exchange, which followed the company’s annual meeting of stockholders.
In March, the firm said its net profit nearly doubled in 2014 to approximately PHP5.46 billion (US$121.3 million) compared to PHP2.74 billion in 2013. The company also reported a 1.6 percent increase year-on-year in net profit for the first quarter of 2015.
Travellers International is a venture between Philippine-based Alliance Global Group Inc and Genting Hong Kong Ltd.
In Thursday’s filing, Travellers International said it continues to pursue “quality of earnings and operating efficiency while growing its stronghold in the international and non-VIP segments”.
The company plans to increase its hotel capacity to approximately 4,200 rooms in the next four years from the existing 1,226 rooms, with the extensions to the Marriott and Maxims Hotels, and the development of new hotels at Resorts World Manila, including Hilton Manila Hotel, Sheraton Hotel Manila, and Belmont Hotel.
In a filing in January, the joint venture said Phase 3 of Resorts World Manila would also have extra gaming space.
The firm is also building the US$1.1-billion casino property called Bayshore City Resorts World at Manila Bay. It broke ground in the autumn and is due to open in the final quarter of 2018, according to previous filings. An earlier plan had envisaged the property being open by 2016.
“We remain on track towards sustainable growth focusing on delivering quality earnings to our investors and shareholders,” said Mr Sian.
He added that his firm’s ongoing expansion work complements the growth of Philippine tourism. The industry remains on track to meet its 2015 target of 5.5 million foreign arrivals, according to the country’s Department of Tourism.
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"If the [Macau casino] concessions are put up for bid, there will also be a lot of giant Chinese companies, some having nothing to do with gaming, which would like to take over these enormously successful casinos”
Professor emeritus at Whittier Law School in California, in the United States, and a visiting professor at University of Macau