Resorts World Manila operator Travellers International Hotel Group posted a 35% decline in net income to Php945 million (US$18.9 million) in 2019, despite a substantial increase in gaming revenues and recovery of the VIP segment.
Travellers no longer issues its financial results after delisting from the Philippine Stock Exchange last October, however the company’s FY19 results were revealed by one of its joint venture owners, Alliance Global Group (AGI), in a Thursday press release outlining various initiatives it has implemented in response to COVID-19.
According to AGI, net revenues at RWM grew 38% in 2019 to Php28.3 billion (US$566 million), with gross gaming revenues up by a similar percentage to Php27.6 billion (US$552 million), “helped by the faster recovery in its VIP segment, overall improvement in volume and hold rates, and record level foot traffic to the complex.
“EBITDA stood at Php5.5 billion (US$110 million), up 42% from its year ago level of Php3.9 billion,” AGI added.
However, those gains were offset by higher costs and expenses related to new gaming and non-gaming facilities at RWM.
AGI, which also owns property giant Megaworld Corporation, spirits manufacturer Emperador Inc, McDonald’s Philippines and infrastructure development firm Infracorp, saw group-wide profit soar to a record Php27.1 billion (US$542 million) in FY19.
The company said Thursday it was currently accelerating its innovation and digital transformation strategies across all of its business arms in response to COVID-19.
“This pandemic is accelerating our digitalization efforts across our businesses,” said CEO Kevin Tan. “These involve investments in e-commerce applications, interactive customer service management and contactless online transactions, among others.
“This should help us navigate the business environment and provide our customers with the enhanced services they need under the new reality.”
AGI also revealed that Travellers and its partners have donated around Php125 million (US$2.5 million) worth of PPE to hospital partners and food distribution to poor communities around Metro Manila since the pandemic began earlier this year.