Newport World Resorts net revenue up 4.3% for Q2
Newport World Resorts has reported net revenue of PHP7.3bn (US$128.5m) for the three months to June 2023.
The Philippines.- Newport World Resorts casino complex has shared its financial results for the second quarter of the year. Net revenue was down 7.6 per cent quarter-on-quarter from PHP7.9bn (US$140.9m) to PHP7.3bn (US$128.5m) but up 4.3 per cent when compared to last year.
Gross gaming revenue (GGR) for the period was down 2.2 per cent from the previous quarter but up 6.1 per cent year-on-year at PHP8.7bn. Travellers International Hotel Group, the company that operates the Newport World Resorts casino complex, saw a 27.3 per cent rise in net revenues year-on-year to PHP15.15bn. GGR rose by 19.7 per cent to PHP17.6bn.
In the second quarter of 2023, Travellers International posted PHP302m in net profit, a year-on-year rise of 124.8 per cent. The cumulative net profit for the first half was PHP516m, in contrast to PHP19m in the first half of 2022.
Alliance Global, the controlling entity of Travellers International Hotel Group, underscored the growth of GGR at Travellers International, driven by a consistent recovery in the mass segment and ongoing improvement in the VIP business. It noted a 24 per cent year-on-year rise in net gaming revenues for the first half, reaching PHP11.9bn.
Non-gaming core revenues, encompassing services such as hotels, food, drink and other amenities, exhibited year-on-year growth of 43.5 per cent to PHP3.3bn. This was attributed to more mall visitors, improved hotel occupancy and more corporate events and MICE (meetings, incentives, conventions, and exhibitions) activities.
In 2022, the company reported casino gross gaming revenue (GGR) of PHP31.83bn (US$568.4m), up 90.3 per cent compared to 2021 but down 51.9 per cent when compared to 2020.
