Andrew Tan’s Resort World Manila hit by VIP revenue drop
Resorts World Manila operator Travellers International Hotel Group Inc. saw a 15 percent fall in profit last year to P3.4 billion, dragged lower by a drop in VIP revenue and increased financing costs.
Travellers’net revenue, however, rose two percent to P25.09 billion driven by higher contributions from the hotel, food, beverage operations which chipped in P2.63 billion. All hotels with a total room count of 1,454 registered high occupancy rates – Maxims (81 percent), Remington (88 percent) and Marriott (81 percent).
Gross gaming revenue slipped to P23.65 billion as the drop volume in the VIP segment dipped 17.4 percent owing to the increasing number of new casinos.
Fighting for a shrinking pool of high rolling players, Travellers has been struggling with a steady decline in profit for the past two years.
“We are confident that the diversity of our non-gaming businesses and attractive entertainment offerings set us apart as a tourism destination. This will enable us to deliver continued growth and stable financial performance in the years to come,” said Travellers president and CEO Kingson U. Sian.
“The projected completion of RunWay Manila, the pedestrian link bridge between NAIA Terminal 3 and Newport City, in the second quarter of 2017 will make RWM an even more convenient destination for leisure and business travelers,” Sian added.