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Resorts World Manila post major revenue increase

Resorts World Manila post major revenue increase
Resorts World Manila had a great third quarted and posted an overall revenue increase.

During the third quarter of 2019, Resorts World Manila reported a revenue jump of 49% in consolidated net revenues, reaching €294 million.

Philippines.- The casino industry is having a great performance in the Philippines and operators are thriving on it. That’s the case of Resorts World Manila, whose consolidated net revenues jumped 49% to €294 million in the third quarter.

The company reported a great performance, as seen in its 52% GGR increase to €373.3 million. It reached such an improvement thanks to the recovery in the VIP segment and healthy growth in the mass business and improved hold rates and increased traffic.

Non-gaming revenues jumped up 43% as well, to €82 million at the Resorts World Manila.

Potential impact from Chinese measures

China and the Philippines are mixed up in a conflict over online gambling. That’s why the latter may get less Chinese tourists in the next months.

According to a report by the Malayan Banking Berhad (Maybank), China’s online gambling ban will impact in the Philippines. However, they forecast Japanese and South Korean tourists to make up for it.

Conflict

China recently enforced a ban on Manila-based online casinos servicing gamblers in the mainland. However, Philippine operator Megaworld Corp. says it won’t impact on its home sales and office leasing business.

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