In the Philippines and the operator behind the Resorts World Manila property has reportedly released its first-quarter financial results showing a net deficit of about $23 million owing to the impacts of the coronavirus pandemic.
According to a report from Inside Asian Gaming, the revelation from Travellers International Hotel Group Incorporated comes after the firm’s Alliance Global Group Incorporated and Genting Hong Kong Limited parents de-listed the entity from the Manila bourse in October of 2019. The source also detailed that the company’s financials have been released as all casinos in the Philippines’ largest city remain closed due to a strict quarantine that was brought in from March 29.
Encouraging signs:
Travellers International Hotel Group Incorporated’s shortfall reportedly came as its first-quarter gross revenues plummeted by 24% year-on-year to approximately $108.5 million although its non-gaming receipts remained largely steady at around $13.2 million thanks to a rise of 11% quarter-on-quarter in hotel occupancy rates to 65%. The former figure purportedly equated to a boost of 13% sequentially as the company’s associated takings from gaming for the three months to the end of March improved by 15% to slightly beyond $96 million.
Parental consequences:
The underwhelming performance of Travellers International Hotel Group Incorporated reportedly helped to push the first-quarter net profit of Alliance Global Group Incorporated down by 20% year-on-year to $66.8 million. The Manila-headquartered conglomerate moreover holds interests in local real estate giant Megaworld Corporation alongside spirits manufacturer Emperador Incorporated and earlier purportedly disclosed that its casino entity had booked adjusted earnings before interest, tax, depreciation and amortization for 2020 of $8.9 million despite the ravages of the coronavirus pandemic.
Annual frustration:
Inside Asian Gaming used an earlier report to reveal that Travellers International Hotel Group Incorporated chalked up net gaming revenues for the whole of last year of some $196.2 million alongside associated non-gaming receipts of $58.5 million. The operator purportedly furthermore asserted that it had suffered an overall loss of $112.1 million for the first nine months of 2020 as it detailed about $238.6 million in total gross revenues alongside gross gaming revenues in the region of $193 million.
Improvement endeavors:
At the same time as releasing the full-year financial results for Travellers International Hotel Group Incorporated and Alliance Global Group Incorporated reportedly pronounced that its subsidiary had recently upgraded the Garden Wing casino within the 1,574-room Resorts World Manila to complement its Grand Wing counterpart in preparation for the ‘new normal.’
In an effort to give the local hotel sector a boost during the coronavirus pandemic and the Philippines Department of Tourism recently reportedly granted 13 venues located across Manila and the central Luzon provinces of Bulacan, Cavite, Laguna and Rizal permission to begin offering ‘staycation’ breaks. These venues purportedly have a combined 5,986 rooms and include the Resorts World Manila property as well as its rival City of Dreams Manila, Okada Manila and Solaire Resort and Casino developments.
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