Travellers International Hotel Group GGR up 143% in Q2
Travellers International Hotel Group has reported gross gaming revenue (GGR) of PHP8.2bn (US$147m) for the quarter.
The Philippines.- Travelers International Hotel Group has shared its financial results for the second quarter of the year. It’s reported that GGR was up 143 per cent year-on-year and up 25 per cent when compared to the previous quarter.
The company reported a net income to owners of PHP225m, down 94 per cent year-on-year. The group’s second-quarter 2021 results were positively impacted by a one-time income of PHP 5.4bn.
The company is the owner of the Newport World Resorts casino complex, formerly known as Resorts World Manila. The venue underwent a rebrand last month to reflect the brand’s shift in perspective, intending to present itself as the most innovative, dynamic and integrated casino, hotel and entertainment complex in the country.
The Philippines’ easing of restrictions related to Covid-19 boosted Travelers International’s second-quarter performance, increasing foot traffic at Newport World Resorts. Quarterly core revenues grew by 120 per cent year-on-year and 45 per cent sequentially to PHP7bn.
For the first half, gaming revenue was PHP14.7bn, up 86 per cent from the same period last year. Net gaming revenue for the period rose 87 per cent year-on-year to PHP9.6bn while core non-gaming revenue from hotels, food, beverages, etc. rose 25 per cent to PHP2.3bn.
Net income for owners in the first half of 2022 was PHP18m, down 99 per cent when compared to the previous year. One of the firm’s shareholders, Manila-listed Alliance Global Group, has increased its stake in Travellers International to 60 per cent as of June, an increase of 10 percentage points compared to six months before.
Philippines GGR up 144% for Q2
Authorities in The Philippines have reported that gross gaming revenue in the second quarter of the year came in at PHP45.89bn (US$824.2m). That’s a rise of was up 40.1 per cent quarter-on-quarter and 144 pr cent year-on-year.
The increase in revenue was attributed to the easing of Covid-19 restrictions as many casinos in the Philippines resumed full operations in March. Manila’s Entertainment City casino resorts generated PHP37.01bn in GGR, accounting for 80.6 per cent of all GGR. The figure was up 37.6 per cent quarter-on-quarter and up 152.3 per cent when compared to last year.
Casinos in the Clark Freeport Zone generated PHP4.75bn GGR, up from PHP3.01bn in the first quarter. PAGCOR-operated casinos reported aggregate revenue (excluding in-house bingo- was PHP3.79bn, up 45.4 per cent quarter-on-quarter.
A total of PHP1.32bn was generated from table games at PAGCOR-run casinos, up 63.6 per cent from the previous quarter. The amount generated from slots at the same casinos rose by 28.6 per cent, to nearly PHP2.12bn.
