Newport World Resorts reports increase in net revenues, surpasses pre-COVID levels.

The operator of Newport World Resorts in Manila, Travelers’ International Hotel Group, is the gaming and leisure arm of Alliance Global Group (AGI).

In the first nine months of this year, the company recorded net sales of PHP 23.3 billion ($417 million), surpassing pre-pandemic levels. The 27 percent year-over-year growth was attributed to a recovery in MICE (Meetings, Incentives, Conferences, and Exhibitions) and tourism.

While gross gaming revenues climbed by 14% annually to PHP 25.9 billion ($464 million), hotel and other revenues surged by 41% annually to PHP 5 billion ($90 million). EBITDA for the same period increased by 12% year over year to PHP 6 billion ($108 million), despite growing cost restrictions.

This resulted in a net income of PHP 773 million ($13.9 million) and reversed losses of PHP 235 million ($4.2 million) the year before. In the third quarter of 2023, net sales rose by 25% year over year to PHP 8.1 billion ($145 million), while hotel and other revenues climbed by 37% to PHP 1.7 billion ($30 million).

A 3% annual increase in gross gaming revenues to PHP 8.3 billion ($149 million) indicates that the mass industry is still expanding. AGI’s net income rose by 18% to PHP 20.1 billion ($360 million) in the first nine months of 2023, while consolidated sales climbed by 17% to PHP 150.4 billion ($2.7 billion).

Original story by: Asia Gaming Brief