TRAVELLERS International Hotel Group Inc., the gambling arm of businessman Andrew Tan, said its income for the three quarters of the year came in at P1.8 billion, a reversal of the previous year’s loss of P34.12 million.
The increase from the owner of Resorts World Manila is coming from a low-base year since the company suffered losses last year due to a hotel incident that paralyzed some of its operations.
Revenues were up 8 percent to P16.98 billion from last year’s P15.7 billion. Gross gaming revenues for the period rose by 7.5 percent to P13.8 billion while nongaming revenues rose by 11 percent to P3.2 billion.
Property visitation averaged 27,500 per day in the third quarter and average occupancy rate for the three hotels– Marriott Hotel Manila, Maxims Hotel and Holiday Inn Express Manila Newport City– was 79 percent.
“We will continue to invest in the property to be able to provide thrilling and unique experiences for our customers,” Kingson Sian, the company’s president and CEO, said.
He said the company is working to complete its Phase 3 development called the Grand Wing, which will have three international luxury hotels—Hilton Manila, Sheraton Manila Hotel and Hotel Okura Manila – adding approximately 940 rooms. It will include new gaming, entertainment, and retail spaces, as well as six basement parking decks.