GGRAsia – Travellers’ gaming revenue up 6 pct in 3Q

Travellers’ gaming revenue up 6 pct in 3Q

Nov 17, 2014 Newsdesk Latest News, Philippines, Top of the deck

Travellers International Hotel Group Inc, owner and operator of Manila-based casino property Resorts World Manila (pictured), posted total gross revenue of PHP8.0 billion (US$177.6 million) for the three months ended September 30, up 4.7 percent over the same period in 2013.

Gaming revenue contributed PHP7.2 billion of gross revenues, with hotel, food and beverage and other revenues at PHP772.3 million, the company said in a press release on Monday.

Travellers’ gross gaming revenue for the third quarter of 2014 registered a 6.2-percent improvement versus the same period last year and a 13.2 percent increase compared to the three months ended June 30, the firm added.

The company, a joint venture between Philippine-based Alliance Global Group Inc and Genting Hong Kong Ltd, posted a net profit of PHP4.0 billion for the first nine months of 2014. That is a 12-percent improvement over the same period in 2013.

Hotel occupancy for the three months ended September 30 remained high at Resorts World Manila, with all its three hotels – Maxims, Remington and Marriott – registering occupancy rates of 89 percent, 95 percent and 83 percent, respectively. Total room count for the three hotels is at 1,226.

The property is located near Manila International Airport.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the three months ended September 30 reached PHP2.8 billion, or 41.6 percent higher compared to the PHP2.0 billion reported in the same period last year.

Travellers broke ground on its second casino resort, the US$1.1 billion Bayshore City Resorts World, in October. The completion of the scheme, located in Manila’s Entertainment City, is targeted for 2018, according to the company. The development’s first phase will feature between 1,200 to 1,500 hotel rooms from Genting Grand, Crockfords, Westin and Okura hotel brands.

Meanwhile, Travellers’ phases two and three projects at Resorts World Manila are “on track”, the company stated in Monday’s press release.

Phase 2 involves the expansion of the existing Marriott Hotel Manila with the construction of a ballroom, as well as additional rooms. The ballroom is scheduled for commercial operations by March 2015, while the Marriott West Wing will be operational in 2016.

Phase 3 consists of three hotels – the Hilton Manila and the Sheraton Hotel Manila, as well as an extension of Maxims Hotel. It will also include a new gaming area, additional retail space and six basement parking decks. Phase 3 is estimated to be completed by 2017, according to Travellers.