Resorts World Manila reports losses

The casino that suffered a deadly attack in June reported millionaire losses for the second quarter of the year.

Philippines.- After Resorts World Manila went through a shooting that killed 37 people inside its facility and was forced to close its doors, the casino reported US$6 million in net loss for the second quarter of 2017. The operator believes that the incident influenced the numbers.

During the same period in 2016 Resorts World Manila reported US$12 million of net income, significantly higher than this year. The first six months of 2017 brought even worse results, as net income went down to US$7.3 million, compared to the US$35 million registered in the same months of 2016. The news were announced by Travellers International Hotel Group said in a stock exchange filing, News ABS CBN reported.

Gross revenues also fell 31 percent to US$98 million, almost US$50 million less than the US$140 million registered last year. Kingson Sian, Resorts World President, said: “[We’re] implementing necessary enhancements that ensure safety, security and enjoyment of customers and guests.”

Las week, the Philippine Amusement and Gaming Corp (Pagcor) revealed that the estimations for the gross gaming revenue for 2017 in the Philippines have been reduced mainly because of the incident that happened inside the casino. Andrea Domingo, head of Pagcor, told the inquirer that the regulator expects to bring US$2.98 billion in 2017, down from the estimations revealed in March, which were calculated around US$3.1 billion, a 6 percent fall in revenues.

In this article:
Philippines Resorts World Manila