New hotel room inventory at its Philippines integrated resort, Resorts World Manila (RWM), saw Travellers International Hotel Group, Inc. (TIHGI) record a 17% increase in gross revenues in 2018 to Php24.7 billion (US$469 million).
The increase was maintained across the board with both gaming and non-gaming revenues rising by 17%, including a record high of Php4.7 billion (US$89.2 million) in the non-gaming segment.
The company attributed the improvement to the launch of two new hotels and a plush new gaming area following the closure of the second-floor gaming area in the wake of the devastating attack by a lone gunman in 2017.
“The improved performance was helped by the opening of the ground floor gaming at the Grand Wing as well as the launch of Hilton Manila and the Sheraton Manila Hotel,” said RWM President and CEO, Kingson Sian. “Both hotels added 747 rooms to the company’s hotel portfolio.”
A third new hotel, Okura Manila, will open in 2019, bringing the Grand Wing hotel room count to 940, Travellers said, as well as new gaming, entertainment, retail spaces and six basement parking decks.
“When the Grand Wing is fully operational, RWM will be the largest and most versatile integrated resort in the country offering our customers thrilling experiences,” Sian said.
Travellers announced EBITDA of Php3.9 billion and net profit of Php1.4 billion for FY18.