Resorts World Manila racks up P409M loss in Q3 after deadly attack
Travellers International Hotel Group Inc. incurred a net loss of P409 million for the three months ended Sept.30 after it was forced to close its casino following a lone gunman attack in June. That was a reversal of the P1.19 billion profit reported in the same period a year ago.
Net revenue for the third quarter was P4 billion, down 38 percent from the previous year as the company had to shut the casino for 27 days in June following the deadly rampage that claimed 37 lives. Gaming revenues fell 42.8 percent to P3.55 billion while non-gaming revenues increased 7.5 percent to P584.9 million.
For the nine-months ended September, Travellers International suffered a P36.8 million net loss compared to a net profit of P2.98 billion. Net revenues declined 24 percent to P14.36 billion as gaming revenues fell 28.9 percent to P12.8 billion. The number of tables and slot machines were 228 and 1,425, respectively, as of the end of the third quarter.
Revenue from hotel, food, beverage and others went up 14.3 percent to P2.04 billion, largely due to the rise in revenue contribution from the Marriott Grand Ballroom and the additional 228 rooms from the Marriott West Wing.
On June 9, the Philippine Amusement and Gaming Corp. suspended Resorts World Manila’s casino license pending investigation of the security lapses at the property. The Andrew Tan-led integrated resort restored its license on June 29.
Travellers International is a venture between Tan’s Alliance Global Group Inc. and Malaysian conglomerate Genting Group.