Resorts World Manila revenue halves in 1H

Resorts World Manila revenue halves in 1H

Gross gaming revenues at the Philippines casino reached US$125.5 million, down 19 per cent in relation to the first half of 2019.

Philippines.- Travellers International Hotel Group, operator of Resorts World Manila (RWM), has reported a 53 per cent year-on-year decline in gross revenue to Php7.8 billion (US$160.4 million) for the first half of 2020.

Net losses for this period were Php3.7 billion (US$76.1 million), down from Php845 million (US$17.3 million) in net income in the same period in 2019.

The information was released in a presentation by Alliance Global Group, the Philippines firm that holds a 50 per cent interest in Travellers.

Gross gaming revenue hit Php6.1 billion (US$125.5 million), down 19 per cent on the first half of 2019. The mass market held up better during the enhanced community quarantine in Manila, falling by 11 per cent, while the VIP sector saw a 28 per cent drop in the period.

Net gaming revenues were down 24 per cent in total, while the non-gaming business lost 17 per cent year–on-year and final EBITDA results for Travellers saw a 71 per cent fall on the first half of 2019.  

Kevin L. Tan, chief executive officer of Alliance, said: “The country’s strict two-month lockdown weighed heavily on most of our domestic operations. We take comfort from the fact that we have managed to diversify our sources of income, either by type of products or by geographic contribution, and this has helped us mitigate the impact of this pandemic on our group performance.”

RWM currently has 363 VIP and mass gaming tables and 100 electronic gaming machines.

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