Newport World Resorts GGR down 16% in Q1

Newport World Resorts GGR down 16% in Q1

Gross gaming revenue was PHP7.5bn (US$130m).

Travellers International Hotel Group, the company that operates the Newport World Resorts casino complex, has shared its financial results for the first quarter of the year. Gross gaming revenue (GGR) was down 16 per cent year-on-year and 9 per cent sequentially to PHP7.5bn (US$130m).

The decline was mainly due to a decrease in VIP gaming revenue to PHP3.2bn (US$55.6m), down 42 per cent year-on-year and 16 per cent when compared to the previous quarter. Mass GGR increased by 28 per cent year-on-year but was down by 4 per cent sequentially at PHP4.3bn (US$74.7m).

Net profit for the first quarter was PHP8m (US$138,500) while earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at PHP1.4bn (US$24.3m), down 33 per cent when compared to the previous year and down 35 per cent quarter-on-quarter. Non-gaming revenue was PHP1.8bn (US$31.3m), flat year-on-year, but down 28 per cent compared with the final quarter of last year. Hotel occupancy for the period was 82 per cent.

In 2023, the company reported GGR of PHP34.2bn (US$600.5m), a rise of 7 per cent compared to 2022.

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Newport World Resorts Travellers International Hotel Group