The operator of Resorts World Manila saw profits hit by additional costs and expenses.
Philippines.- Travellers International Hotel Group (TIHG), the operator of Resorts World Manila, saw a 38 per cent rise in revenue for 2019, but profits dropped by 35 per cent.
Profits totalled P945 million (US$18.9 million) after being dented by additional costs and expenses for new facilities, both gaming and non-gaming.
That’s despite a 38 per cent growth in revenue at the Manila resort to P28.3billion (US$566 million). Gross gaming revenue was P27.6 billion (US$552 million).
Much of the growth can be attributed to a successful strategy aimed at the VIP guests segment, and improvements in volume and hold rates, which gained a record level of footfall at the resort.
TIHG is a joint venture between Alliance Global Group Inc. and Genting Hong Kong Limited. It does not post financial results having stopped trading at the Philippine Stock Exchange last year. The figures for 2019 were revealed by Alliance Global Group in a press briefing.