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Travellers profit tumbles into red following RWM attack

Friday, 10 November 2017 04:56
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Philippines-based Travellers International Hotel Group, the owner and operator of Resorts World Manila, has seen its net profit tumble by 101% and gaming revenue fall 28.9% for the first nine months of 2017 as the fallout from the 2 June arson attack continues to bite.

Travellers reported a net loss of Php36.8 million for the period through 30 September 2017, having recorded a Php2.98 billion profit over the same period in 2016, with gaming revenue falling to Php12.8 billion.

Gross gaming revenues for 3Q17 fell 42.8% from Php6.2 billion to Php3.6 billion, with casino revenue comprising 79.3% of total revenues.

“Due to the June 2 incident, casino operations resumed at the end of June which resulted in lower net revenues for the nine months and three months ended 30 September 2017 compared to the same periods of 2016,” the company said.

The Company’s EBITDA reached Php2.6 billion for the first nine months of the year, down 46.7% from Php4.9 billion for the same period in 2016. EBITDA for the three months ended 30 September fell 78.5% from Php1.9 billion to Php401 million.

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