Resorts World Manila sees GGR fall 50% for H1

Resorts World Manila sees GGR fall 50% for H1


Resorts World Manila, operated by Travellers International Hotel Group, has announced a net loss of PHP3.7bn ($75.9m) for the first six months of 2020, compared to a profit of PHP845m for the corresponding period last year.

Gross revenue faced a 53% decline and the company’s gross gaming revenue (GGR) dropped 50% to PHP6.1bn.

By comparison, Resorts World Manila increased GGR by 38% to PHP27.6bn for H1 2019, which saw “faster recovery in its VIP segment, overall improvement in volume and hold rates, and record level foot traffic to the complex.”

The numbers come from Alliance Global Group (AGI), a group that owns a stake worth over 50% in Travellers International. According to AGI, gaming net revenue fell 59% to PHP4.4bn, and non-gaming revenue fell by 44% to PHP1.7bn.

AGI pointed out quarantine measures that halted casino operations affected profits for Travellers International.

AGI group-wide net profits were PHP4.1bn, stating overall gross revenue was PHP7.8bn, a 53% fall year-on-year.

Manila hotels have been permitted to operate for the past six months but at a reduced capacity (29-60%). Casinos in Manila have been closed since mid-March, with the possibility of a limited resumption in the near future.

 

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