Casino attack weighs on Travellers’ H1 profit

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LISTED Travellers International Hotel Group, Inc., operator of Resorts World Manila, said net income for the first half of the year fell 80 percent from a year ago as earnings were affected by the closure of the casino for 27 days following the June 2 attack on the facility, which left dozens dead and injured.

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Travellers posted net income of P373 million for the first half compared to P1.8 billion registered in the same period last year.

Gross revenues dropped 18 percent to P11.2 billion from last year’s P13.7 billion. Earnings before interest, taxes, depreciation and amortization (Ebitda) stood at P2.2 billion.

Gross gaming revenues at the end of the first half amounted to P9.2 billion, while revenues from the non-gaming segment increased by 3.9 percent to about P2 billion, fueled by hotel operations. Average occupancy rate for the three hotels was 80 percent.

“We must be dynamic and aggressive to make sure that RWM is ready for increased competition and the expanding market,” Travellers President and Chief Executive Officer Kingson Sian told the local bourse on Monday.

“RWM remains committed in implementing necessary enhancements that ensure the safety, security and enjoyment of our customers and guests,” he added.

The area of the second floor affected by the June 2 incident will be converted into a retail zone, according to the company.

Gaming capacity at the end of June stood at 218 tables, 1,407 slot machines, and 110 electronic table games. Overall property visitation reached an average of 26,585 daily visitors.

According to the company, the Phase 3 development will have three hotels, namely, Hilton Manila, Sheraton Manila Hotel, and Maxims II, adding approximately 940 rooms. It will also include new gaming and retail spaces, as well as six basement parking decks.

The company has invested approximately P65 billion since 2008 and will continue to contribute to the country’s appeal as a leisure tourism destination with the launch of Westside City Resorts World by 2020, it said.

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