The owners and operators of the Philippine casino and leisure complex Newport World Resort (pictured) in the capital Manila say overall net profit for the Philippine casino and leisure complex fell about 7.6% to about 7.3 billion PHP ($128.5 million) in the second quarter compared with the previous three months. The revenue was up 4.3% year over year.
In the April-June period of 2023, gross gaming revenue (GGR) fell about 2.2% to about 8.7 billion PHP compared to the first quarter of this year. In the second quarter, GGR was up about 6.1% year-over-year.
The information was from Monday’s filing with the Philippine stock exchange and a presentation by local conglomerate Alliance Global Group Inc., the governing body of Travelers International Hotels Group.
Travelers International’s full-year net profit rose 27.3% year-on-year to 15.15 billion PHP. During the period, GGR rose about 19.7% to 17.6 billion PHP.
Travellers’ net profit rose 124.8% year-over-year to 320 million PHP in the second quarter of 2023. It remained at 516 million PHP for the first six months of the year, compared to just 19 million PHP in the first half of 2022.
Alliance Global said Travelers International’s GGR expansion was “driven by continued recovery in the bulk sector and continued improvement in its VIP business.”
Game net revenue in the first half of the year rose about 24.0% year-on-year to about 11.9 billion PHPs. “The current overall decline continues to improve across all gaming segments, with pedestrian numbers outperforming pre-pandemic levels,” the parent company said.
Travellers International’s nongame core revenue (i.e., including hotels, food, beverages and other services) rose about 43.5% year-over-year to 3.3 billion PHP, “following an increase in clandestine, hotel occupancy, corporate events and MICE [meeting, incentive, convention and exhibition] activities.”
Newport World Resort currently has five global hotel brands: Marriott Manila Hotel, Sheraton Manila Hotel, Hilton Manila, Hotel Okura Manila and Holiday Inn Express Manila. The average occupancy rate in the first half of 2023 was between 68% and 84%, according to data Monday from Alliance Global.
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