Newport World Resorts posts revenue of US$140.9m for Q1
Newport World Resorts has reported that gross gaming revenue was up 36.2 per cent.
The Philippines.- Travellers International Hotel Group, the company that operates the Newport World Resorts casino complex (formerly Resorts World Manila), has shared its financial results for the first quarter of the year. Revenue was up 62.9 per cent year-on-year to PHP7.9bn (US$140.9m) while GGR was up 36.2 per cent to PHP8.89bn (US$155.2m).
The company’s net profit for the first quarter of 2023 was PHP348.7m (US$6.9m). The improvement was due to the normalisation of the company’s operations to pre-Covid-19 levels as travel and mobility restrictions were lifted.
Net gaming revenue increased by 55.8 per cent to PHP6.11bn (US$102m) while revenue from non-gaming activities, including hotel, food, drink and other services, reached PHP1.8bn (US$36m) mainly due to the increase in mall goers, hotel occupancy, corporate events and MICE 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.