TRAVELLERS International Hotel Group, Inc. said 2018 net profit was P1.44 billion, up sharply from P279.82 million a year earlier, after the owner and operator of Resorts World Manila (RWM) posted robust growth after launching more gaming and hotel space.
“The improved performance was helped by the opening of the ground floor gaming at the Grand Wing as well as the launch of Hilton Manila and the Sheraton Manila Hotel,” said Kingson Sian, president and chief executive officer of RWM, in a disclosure to the stock exchange.
“Both hotels added 747 rooms to the company’s hotel portfolio,” he added.
Gross revenue rose 17% to P24.7 billion, while earnings before interest, tax, depreciation and amortization (EBITDA) increased 27% to P3.88 billion.
Travellers said gross gaming revenue was buoyed by sustained growth in all gaming segments. Non-gaming revenues rose by 17% to P4.7 billion, a record for the company.
“Property visitation increased by 11% averaging 28,500 per day while the average occupancy rate for the four hotels — Marriott Hotel Manila, Maxims Hotel, Hilton Manila, and Holiday Inn Express Manila Newport City — was 79% with a total room count of 1,811,” the company said.
The Grand Wing, RWM’s development project dedicated to gaming activities, will have three international luxury hotels, Travellers said. Aside from Hilton Manila, which opened in October 2018, the group had a soft opening for Sheraton Manila Hotel.
Hotel Okura Manila, which opens this year, will bring the Grand Wing hotel room count to around 940. It will include new gaming, entertainment, and retail spaces, plus six basement parking decks.
“When the Grand Wing is fully operational, RWM will be the largest and most versatile integrated resort in the country offering our customers thrilling experiences,” Mr. Sian said.
Travellers said once construction of all hotels is completed, RWM will have the highest number of hotel rooms for a single property in the Philippines. — Victor V. Saulon