Newport World Resorts sees GGR rise in Q1
Gross gaming revenue was up 6 per cent year-on-year.
The Philippines.- 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 up 6 per cent in year-on-year terms to PHP7.9bn (US$141.6m). The company attributed the rise to higher win rates in the cash tables and VIP segments.
Non-gaming revenues from hotels, food, beverage and other operating income was up 4 per cent year-on-year to PHP1.8bn (US$32.26m). The company cited higher occupancy rates benefiting from the recovery in both domestic and international tourism.
Occupancy rates across the five hotels at Newport World Resorts ranged from 85 per cent to 95 per cent, improving from 75 per cent to 90 per cent a year ago. However, occupancy at the hotel in Iloilo declined to 39 per cent, compared to 43 per cent in the first quarter of 2024.
The company reported net revenue of PHP7.69bn (US$137.8m), up 7.84 per cent year-on-year and a segment profit of PHP101.4m (US$1.82m), up nearly 700 per cent. Earnings before interest, taxation, depreciation and amortisation (EBITDA) was at PHP2.1bn (US$37.7m), up 42 per cent year-on-year.
Travellers accounted for 14 per cent of parent company Alliance Global Group (AGI)’s consolidated revenues and income during the quarter.
Kevin L. Tan, chief executive officer and President of AGI, said: “AGI started the year with notably strong results in the first quarter, even amidst domestic and global challenges mainly brought about by the ongoing US tariff issues. Our topline was driven largely by healthy real estate sales, robust revenues from our tourism-related segments, and strong leasing income from both our premium offices and lifestyle malls. These businesses are primary beneficiaries of resilient consumer spending, matched by our attractive and experiential offerings.
“Despite ongoing macro headwinds, we maintain our optimistic outlook for the balance of the year. We have laid out exciting plans across our various business segments, ready to take advantage of the resilient consumer spending and a resurgence in global economic activity. We look forward to sustaining our robust start and being able to finish strong.”
