Newport World Resorts Hits Record High in 2023 Revenues

The Alliance Global Group (AGI) company Newport World Resorts is celebrating a historic year in 2023 as gross gaming revenues hit a record-breaking PHP34.2 billion ($600.38 million) annually.

The resort’s non-gaming revenue is increasing at a 40% yearly rate to PHP7.4 billion ($130 million), according to the most recent analysis conducted by AGI.

The recovery in tourism and MICE activities, which are driving robust hotel revenue in addition to gaming, is responsible for the revenue gain.

Hakan Dagtas, the chief operating officer of Newport World Resorts, highlights the company’s non-gaming assets, such as its varied selection of lodging, dining, and entertainment choices.

AGI reports an 8% growth in EBITDA to PHP8.2 billion ($144 million), its best level since 2012, despite rising costs. The net income of the property increases by an astounding 89%, amounting to PHP2 billion ($35 million) in 2023.

Newport World Resorts is celebrating its best-ever performance, but COO Dagtas notes that there were some revenue problems at the beginning of the year.

Despite this, AGI is optimistic about the future because of the robust economic environment and rising consumer spending patterns.

The conglomerate records record-breaking income of PHP30.3 billion ($531.88 million) with a 20% increase and a 21% annual growth in net profit to PHP19.6 billion ($344.06 million), demonstrating AGI’s excellent performance beyond Newport World Resorts.

2023 will be a turning point for AGI, according to CEO Kevin Tan, thanks to robust results in the company’s consumer, real estate, and tourist sectors.

Tan believes that encouraging trends, such declining policy rates and rising consumer spending, will present appealing opportunities for AGI’s diverse range of enterprises.

Original Story by Asian Gaming Brief