Gross gaming revenues at Resorts World Manila grew 53% year-on-year and 46% quarter-on-quarter to Php4.9 billion (US$97.5 million) in the three months to 30 September 2021, according to information released by Alliance Global Group (AGI) this week.
AGI owns a 56.8% stake in RWM operator Travellers International Hotel Group Inc, with Genting Hong Kong holding 39.2% and the remainder held by various other parties.
In a Monday filing, AGI said that RWM had successfully overcome lockdowns through parts of 3Q21 to record gross revenues of Php5.0 billion (US$99.5 million), an increase of 36% year-on-year and 9% quarter-on-quarter. This was driven largely by the resurgence in GGR to Php4.9 billion (US$97.5 million), while hotel revenues remained “fairly stable” with an average occupancy rate of 79% “nearly hitting its pre-pandemic level.”
For the first nine months of 2021 combined, Travellers generated income of Php1.9 billion (US$37.8 million), reversing a loss of Php5.4 billion (US$107.4 million) recorded during the same period in 2020. However, that included a one-time gain of Php5.6 billion (US$111.4 million) from services rendered by a subsidiary in relation to Manila’s Westside City project. The Westside City project, located in Manila’s Entertainment City precinct, will be home to a US$1 billion hotel and casino currently being developed by Suncity Group subsidiary Suntrust Resort Holdings Inc.
Travellers reported gross revenues for the nine months to 20 September of Php14.8 billion (US$294.4 million), up 28% year-on-year, with GGR up 37% to Php12.8 billion (US$254.6 million).
AGI’s group-wide net income through September – which includes its interests in property giant Megaworld Corporation; spirits manufacturer Emperador Inc, McDonald’s Philippines operator Golden Arches Development Corporation and infrastructure development firm Infracorp Development, Inc – grew 173% year-on-year to Php17.3 billion (US$344.1 million).
“We look forward to the further reopening of the economy as this could bring about the much-vaunted revenge spending in time for the holiday season,” said AGI CEO Kevin Tan. “We expect the renewed activity to continue, paving the way for the Group’s full recovery from the pandemic hopefully by next year.”
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