The operator of Resorts World Manila saw profits hit by additional costs and expenses.<\/p>\n\n\n\n\n\n\n\n
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.<\/p>\n\n\n\n
Profits totalled P945 million (US$18.9 million) after being dented by additional costs and expenses for new facilities, both gaming and non-gaming. <\/p>\n\n\n\n
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).<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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. \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
The operator of Resorts World Manila saw profits hit by additional costs and expenses.<\/p>\n","protected":false},"author":2,"featured_media":7582,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Travellers International Hotel Group (TIHG), operator of Resorts World Manila, reported a 38% increase in 2019 revenue to P28.3 billion, primarily driven by a successful VIP guest segment strategy and enhanced hold rates. However, net profit declined by 35% to P945 million, attributed to substantial additional costs and expenses associated with new gaming and non-gaming facility developments. These financial results were disclosed by Alliance Global Group Inc., a joint venture partner, following TIHG's delisting from the Philippine Stock Exchange.","focusai_entities":"Travellers International Hotel Group (TIHG), Resorts World Manila, Alliance Global Group Inc., Genting Hong Kong Limited, Philippine Stock Exchange","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (1.0), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"VIP Strategy ROI","query":"What was the specific return on investment for the VIP guest segment strategy, considering the 35% profit decline despite GGR growth?"},{"label":"Capital Expenditure Impact","query":"How will the capital expenditure for new gaming and non-gaming facilities impact TIHG's future profitability and debt leverage in the next fiscal cycle?"}],"footnotes":""},"categories":[163,16333],"tags":[1428,9905],"class_list":["post-7580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-manila","tag-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=7580"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7580\/revisions"}],"predecessor-version":[{"id":7599,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/7580\/revisions\/7599"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/7582"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=7580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=7580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=7580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}