Resorts World Manila Finally On the Rebound

November 17, 2021 Earnings & Filings Industry Updates

According to Alliance Global Group (AGI), gross gaming revenues (GGR) at Resorts World Manila (RWM) increased 53% year-on-year and 46% quarter–on–quarter to Php4.9 billion ($97.5 million) in the three months to September 30, 2021. AGI holds 56.8% of RWM operator Travellers International Hotel Group Inc., while Genting Hong Kong holds 39.2%, and the rest is held by other parties.

Resorts World Manila on the Rebound
AGI filed Monday’s filing stating that RWM had overcome lockdowns in parts of 3Q21 and achieved record gross revenues of Php5.0 billion ($99.5 million). This is an increase of 36% year on year and 9% quarter on quarter. The resurgence of GGR to Php4.9 billion (US$97.5 million) was the main driver. Hotel revenues were stable with an average occupancy rate at 79%, “nearly reaching its pre-pandemic levels.”

Travellers earned income of Php1.9 billion ($37.8 million) for the first nine months of 2021. This is a reverse of the loss of Php5.4 billion ($107.4 million) in the same period of 2020. This included a Php5.6 billion ($111.4 million) gain from services rendered to a subsidiary related to Manila’s Westside City Project. Suntrust Resort Holdings Inc, a subsidiary of Suncity Group, is currently developing the Westside City project in Manila’s Entertainment City precinct. It will house a $1-Billion casino and hotel.

Gross revenues of Travellers for the nine months ended September 20 were Php14.8 billion ($294.4 million), an increase of 28% over last year. GGR was up 37% to Php12.8 billion ($254.6million).