Newport World Resorts net revenue up 28.3% for Q3

Newport World Resorts has reported net revenue of PHP7.3bn for the three months to September 2023.

The Philippines.- Alliance Global Group has reported through a company filing that Travellers International Hotel Group, the operator of Newport World Resorts in Manila, recorded a reduced net loss of PHP13m US$232,252) for the third quarter of the year. Net revenue was nearly PHP8.28bn, up 28.3 per cent year-on-year and up 12.6 per cent when compared to the second quarter.

Expenses rose by 24.1 per cent year-on-year and 21 per cent quarter-on-quarter to nearly PHP8.29bn.

For the first nine months of the year, the profit attributable to owners stood at PHP503m. Gross gaming revenue was up 12 per cent year-on-year and net gaming revenues grew 19 per cent to PHP18.3bn. The company reported a 29 per cent increase in non-gaming core revenues (hotel, food, beverage, and other operating incomes) to PHP5bn, as mall visitors, hotel occupancy, corporate events, and MICE activities grew year-on-year.