Travellers International, the operator of Resorts World Manila, has reported a loss of PHP1.1bn (US$23.0m) for the first quarter.
The Philippines.- Travellers International, the owner of Resorts World Manila, has reported that revenue dropped 24 per cent year-on-year in the first quarter but was up 13 per cent sequentially. Resorts World Manila registered a loss of PHP1.1bn (US$23m) for the quarter.
Gaming revenues was up 15 per cent quarter-on-quarter, driven by premium mass and VIP operations.
Hotel operations also saw an improvement with higher occupancy rates at 65 per cent compared to 54 per cent in the fourth quarter of 2020.
Kevin Tan, chief executive officer of Alliance Global, said: “We are very optimistic for the next three quarters as we look forward to an accelerated vaccine rollout that would allow business activities to pick up.
“This pandemic taught our Group to be relentlessly creative and innovative in executing and modifying some of our strategies to help our various businesses recover fast and strong.”
The Philippine Amusement and Gaming Corporation (PAGCOR) has recently announced that Resorts World Manila has been allowed to launch online gaming products.
The new licences will be regulated under a new system called PIGO (Philippine Inland Gaming Operator), which allows operators to offer gaming services to players within the country.
PAGCOR chairman Andrea Domingo said licences would remain with limits. She said: “Not just anyone can play because of non-proliferation and responsible gaming.”
The Philippines’ president has announced Metro Manila will move to general community quarantine until May 31.
However, casinos remain closed since March.
PAGCOR has reported that licensed casinos and PAGCOR-operated casinos brought in GGR of PHP25.74bn (US$536.2m) in Q1. Of that, 82.1 per cent came from Metro Manila casinos.