Travellers International Hotel Group, the joint venture firm that owns and operates Resorts World Manila (RWM), reportedly achieved Adjusted EBITDA of Php425 million (US$8.9 million) in 2020 despite the ravages of the COVID-19 pandemic.
The update formed part of a press release issued by Alliance Global Group (AGI), a joint venture partner in Travellers alongside fellow investor Genting Hong Kong, outlining the companys intention to recalibrate its strategies around the market focus of its various companies to achieve a more balanced portfolio in a post-pandemic world.
AGIs interests include real estate giant Megaworld Corporation, spirits manufacturing company Emperador Inc and McDonalds Philippines.
While detail on Travellers 2020 results were light Travellers has not directly reported its financial results since delisting from the Philippine Stock Exchange in late 2019 AGI revealed that net gaming revenues at RWM stood at Php9.4 billion and non-gaming revenues at Php2.8 billion (US$58.5 million).
Gaming revenues, it said, were up 33% quarter-on-quarter. AGI had previously reported a net loss of Php5.4 billion (US$112.1 million) for Travellers in the nine months through September with total gross revenues of Php11.5 billion (US$238.6 million) and GGR of Php9.3 billion (US$193.0 million).
AGI noted that Travellers upgraded the Garden Wing casino at RWM during 2020 to complement its Grand Wing casino in preparation for the new normal.