Travellers’ International Hotel Group, the gaming and leisure subsidiary of Philippines conglomerate Alliance Global Group (AGI) and operator of Manila’s Newport World Resorts, reported a 25% year-on-year increase in net revenues in 3Q23, buoyed by expansion hotel and other revenues.
According to a Tuesday filing by AGI, net revenues reached Php8.1 billion (US$144 million) for the September quarter, with hotel and other revenue up by 37% year-on-year to Php1.7 billion (US$30.3 million). Gross gaming revenue grew at a more subdued 3% to reach Php8.3 billion (US$148 million).
For the first nine months of 2023 combined, Travellers reported net revenues of Php23.3 billion (US$415 million), up 27% year-on-year to exceed pre-pandemic levels.
This, the company said, was driven by the resurgence in tourism and MICE activities which ultimately saw hotel and other revenues rise by 41% to Php5.0 billion (US$89.1 million). GGR rose by 14% year-on-year during the same period to Php25.9 billion (US$461 million).
EBITDA also grew by 12% to Php6.0 billion (US$107 million), with net income of Php773 million (US$13.8 million) reversing the previous year’s loss of Php235 million (US$4.2 million).
Group-wide, AGI clocked a 16% increase in net income to Php6.0 billion (US$107 million) in 3Q23, with consolidated revenues up 12% to Php51.3 billion (US$914 million) and attributable profit reaching Php3.7 billion (US$65.9 million).
“The Alliance Global Group has sustained its strong financial and operating performance in the first nine months of the year even in the wake of persistent domestic and global economic challenges,” said Kevin L. Tan, chief executive officer, AGI. “During the period, the Group continued to introduce new and exciting experiences across all our business segments, delivering superior products and services in the local and international market.”
AGI’s interests also include real estate development via Megaworld Corporation; spirits manufacturing through Emperador Inc, the Philippines’ McDonald’s franchises through Golden Arches Development Corporation (GADC) and infrastructure development through Infracorp.