Travellers International Hotel Group, the entity that owns and operates Resorts World Manila, has reported a net loss of Php1.7 billion (US$35.3 million) during the third quarter – considerably higher than the Php59 million (US$1.2 million) loss reported in 3Q19 but showing improved sequential momentum.
According to a quarterly income report from Alliance Global Group, a joint venture partner in Travellers alongside fellow investor Genting Hong Kong, RWM’s total gross revenue in 3Q20 increased four-fold to Php3.7 billion (US$76.8 million) compared with the second quarter, with gross gaming revenue rising six-fold to Php3.2 billion (US$66.4 million) and non-gaming revenue up 15% to Php447 million (US$9.3 million).
Adjusted EBITDA loss was Php189 million (US$3.9 million) versus a second quarter loss of Php1.3 billion (US$27.0 million).
The results reflect the ongoing impact of COVID-19 on RWM’s business volumes in 2020 but also the August reopening of some gaming operations following a PAGCOR directive permitting Manila’s casino floors to run at 30% capacity.
For the first nine months of the year, Travellers reported a net loss of Php5.4 billion (US$112.1 million) – down from net income of Php786 million (US$16.3 million) over the same period last year. Total gross revenues were down 55% though 30 September 2020 to Php11.5 billion (US$238.6 million), with GGR also declining 55% year-on-year to Php9.3 billion (US$193.0 million).
RWM’s struggles didn’t appear to affect Alliance Global Group too much, with the company reporting a 14-fold sequential increase in net profit to Php2.2 billion (US$45.7 million) in 3Q20.
Travellers has not directly reported its financial results since delisting from the Philippine Stock Exchange in late 2019.