Newport World reports net loss of in third quarter

The operator of Newport World Resorts, a casino and entertainment complex in Manila, Travellers International Hotel Group Inc., reported a consolidated net loss of PHP13 million (US$232,252) for the third quarter.

The prior year’s comparable quarter saw the corporation lose PHP131 million. The information was disclosed by the parent company, Alliance Global Group Inc., in a filing with the Philippine Stock Exchange.

In the third quarter, net sales and earnings increased to over PHP8.28 billion, a 28.3% year-over-year increase. Compared to PHP7.35 billion in the second quarter, they climbed by 12.6%. Expenses increased by about 21.0% quarter over quarter and by 24.1% year over year to surpass PHP8.29 billion during the third quarter.

In the first nine months of 2023, the owners’ profit was PHP503 million, as opposed to a loss of PHP111 million during the same period in 2022. Revenue increased to PHP23.42 billion in the nine months that concluded on September 30, 2022, from PHP18.35 billion in the first nine months of 2022.

For the first nine months of 2023, Travellers International recorded a 12% increase in gross gaming revenues year over year. Net gaming revenues rose 19% year over year to PHP18.3 billion over the same period.

The parent company claims that there were greater drops during that time in the mass category, which returned to pre-pandemic 2019 levels. The total amount of non-gaming core revenues, which includes money from lodging, food and drink, and other operational activities, climbed by 29% annually to PHP5.0 billion.

Newport World Resorts offers five worldwide hotel brands: Holiday Inn Express Manila, Hotel Okura Manila, Hilton Manila, Sheraton Manila Hotel, and Marriott Manila Hotel.

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Original story by: GGRAsia