Resorts World Manila operator's profit doubles in 2014


Posted at Mar 20 2015 11:29 AM | Updated as of Mar 20 2015 07:29 PM

MANILA, Philippines - The owner and operator of Resorts World Manila saw its profit double to P5.45 billion in 2014, from P2.74 billion in the previous year.

Travellers International Hotel Group, Inc. (TIHGI) also reported its gross revenue hit P31.6 billion last year.

The company said it posted growth in volume for all segments, except for the VIP segment.

TIHGI said its the average number of gaming tables deployed was at 291, slot machines at 1,837, and ETG machines at 210.

The three hotels at Resorts World Manila reported improved average occupancy rates of 89 percent compared to 71 percent in 2013.

Revenues from hotel, food, beverage and others stood at P3.19 billion.

"Creating shareholder value was our main objective for 2014 which we achieved through quality earnings and operating efficiencies," said Kingson Sian, TIHGI president.

Travellers spent P5.9 billion in 2014 for its ongoing Phase 2 and 3 projects of Resorts World Manila. The Marriott Grand Ballroom is scheduled to open in July of this year, while the Marriott West Wing is expected to be turned over by end-2015.

"Travellers is confident in its ability to deliver sustainable growth, and shall continue to focus on delivering quality of earnings to its shareholders through the top line growth in revenues and expense management leading to continued expansion in its EBITDA and net income," Sian said.