Travellers International announces US$71.3m capital expenditure
Most of the funds will go to expansion projects at Newport World Resorts.
The Philippines.- Travellers International Hotel Group, the company that operates the Newport World Resorts casino complex (formerly Resorts World Manila), has announced a capital expenditure of PHP4bn (US$71.3m) for 2023.
According to a company filing, the majority of the funds will be directed towards supporting ongoing expansion projects at the Newport World Resorts complex. The disclosure was made by Alliance Global Group Inc., the majority stakeholder in Travellers International.
Kevin L. Tan, chief executive officer at Alliance Global Group, said the company “will continue to pursue expansion projects that will help put it at a vantage position to elevate the tastes and preferences of the Filipino consumer and customers worldwide with its aspirational product offerings, further reinforcing its position as the country’s truly premium lifestyle conglomerate.”
The company recorded a full-year profit of nearly PHP1.06bn last year. In the first quarter of 2023, revenue was up 62.9 per cent year-on-year to PHP7.9bn (US$140.9m) while GGR was up 36.2 per cent to PHP8.89bn (US$155.2m).
Net profit for the first quarter of 2023 was PHP348.7m (US$6.9m) while net gaming revenue increased by 55.8 per cent to PHP6.11bn (US$102m). Revenue from non-gaming activities, including hotel, food, drink and other services, reached PHP1.8bn (US$36m) mainly due to the increase in mall goers, hotel occupancy, corporate events and MICE activities.
See also: Alliance Global to acquire Genting HK stake in Travellers International
