Travellers International Hotel Group posts decline in GGR for Q4
Gross gaming revenue was down 7.2 per cent year-on-year and 2.5 per cent sequentially.
The Philippines.- Travellers International Hotel Group, the company that operates the Newport World Resorts casino complex, has shared its financial results for the fourth quarter of the year 2024. The company posted gross gaming revenue (GGR) of PHP7.7bn (US$136m), down 7.2 per cent year-on-year and 2.5 per cent sequentially.
Mass-market GGR was PHP4.3bn (US$76m), down 4.4 per cent year-on-year. VIP GGR was PHP3.3bn (US$58.3m), down 13.2 per cent year-on-year.
The company reported net revenue of PHP8.4bn (US$148.4m), up 2.4 per cent year-on-year but up 15.1 per cent sequentially. Earnings before interest, taxation, depreciation and amortisation (EBITDA) was at PHP3.2bn (US$56.5m), up 42 per cent year-on-year and 60 per cent in quarter-on-quarter terms.
For the full year 2024, the company posted GGR of PHP32bn (US$566m), down 6 per cent year-on-year. Gross revenue was down 3 per cent to PHP39.9bn (US$705m). Mass GGR increased by 9 per cent to PHP17.4bn (US$308m) and VIP revenue fell by 20 per cent to PHP14.6bn (US$258m).
Net revenue stood at PHP31.3bn (US$553m), down 1 per cent in year-on-year terms. The company said that net revenues remained relatively steady as promotional expenses were controlled amid the decline in GGR. EBITDA reached PHP9.2bn (US$163m), up 12.2 per cent year-on-year.
