Travellers International 2023 GGR up 7pct, to US$600mln

Apr 17, 2024 Newsdesk Latest News, Philippines, Top of the deck  

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Gross gaming revenues (GGR) for Travellers International Hotel Group Inc, the owner and operator of the Newport World Resorts casino complex (pictured) in the Philippine capital Manila, rose by 7 percent to “a new high” of PHP34.2 billion (US$600.5 million)

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

Travellers International “broke new records in 2023,” with net revenues growing by 19 percent year-on-year to PHP31.9 billion, stated the parent firm.

“This was driven by the resurgence in tourism and meetings, incentives, conferences, and exhibition (MICE) activities, which allowed for a stellar 40 percent year-on-year increase in hotel and other revenues to PHP7.4 billion,” the firm added.

Despite rising costs throughout 2023, Travellers International’s earnings before interest, taxation, depreciation, and amortisation (EBITDA) rose by 8 percent year-on-year to PHP8.2 billion. Such result was the “highest level since 2012,” according to Tuesday’s filing.

Travellers International’s net income “grew by a robust 89 percent” year-on-year, to about PHP2.0 billion, said the parent company.

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.

In June last year, Alliance Global confirmed the intention of “exploring new locations” to expand its integrated resort business. “However, no firm plans have been made regarding the locations or timelines when these expansion plans will be implemented,” the firm said at the time.

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