Resorts World Manila has shared its financial results for the first quarter of the year 2022, reporting an increase in gross gaming revenue of 43 per cent year-on-year.
The Philippines.- Travellers International Hotel Group, the owner of Resorts World Manila, has shared its financial results for the first quarter of 2022. Gross gaming revenue was up 43 per cent to PHP6.5bn (US$124.4m) when compared to last year.
The company reported that core revenues grew 29 per cent year-on-year to PHP4.8bn amid an easing of Covid-19 countermeasures in the country. In February, The Philippines reopened its borders to fully vaccinated tourists after a two-year closure.
Non-gaming revenue grew 46 per cent year-on-year to PHP.09bn while net gaming revenue for the period rose by 25 per cent year-on-year to PHP3.9bn.
Travellers International recorded a consolidated net loss to the owners amounting to PHP115m. The figure was an improvement on the PHP544m loss registered last year.
Resorts World Manila’s operator Travellers International Hotel Group Inc. accounted for 13 per cent of Alliance Global’s revenues in the first quarter. Alliance Global, Resorts World Manila’s main owner, reported net profit was up 52 per cent year-on-year to PHP3.9bn.