Resorts World Manila registers US$23 million loss in 1Q21

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Resorts World Manila

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Travellers International Hotel Group, Inc, the operating entity of Resorts World Manila (RWM), recorded a loss of Php1.1 billion (US$23.0 million) in the three months to 31 March 2021, impacted by the ongoing effects of the COVID-19 pandemic on both domestic and international travel.

The Q1 results, described as largely in line with the same period last year, were released Thursday by Alliance Global Group (AGI) a joint venture partner in Travellers alongside Genting Hong Kong. Travellers delisted from the Philippine Stock Exchange in October 2019 and no longer publicly releases earnings reports.

According to AGI, total gross revenues at RWM amounted to Php5.2 billion (US$108.5 million) in 1Q21, down 24% year-on-year but 13% higher sequentially with GGR of Php4.6 billion (US$96.0 million)representing a 15% quarter-on-quarter improvement.

The increase in sequential GGR was led by the premium mass and VIP segments, AGI said.

Non-gaming revenue remained steady at Php633 million (US$13.2 million)with hotel occupancy rates rising from 54% in 4Q20 to 65% in 1Q21.

Despite RWMs woes, which included closing again from late March due to another wave of COVID-19 sweeping across Manila, AGI recorded a net profit of Php3.2 billion (US$66.8 million)in the first quarter, down 20% from profit of Php4 billion in 1Q20.

AGIs interests include real estate giant Megaworld Corporation, spirits manufacturing company Emperador Inc and McDonalds Philippines.