RWM sees sustained VIP recovery, growth in mass in 19Q3

Resorts World Manila (RWM) located in Entertainment City, posted a sharp 49 percent increase in consolidated net revenues, reaching P16.4 billion (US$324.2 million) in 19Q3.

Gross gaming revenues increased by 52 percent in the quarter to P20.9 billion, boosted by the sustained recovery in the VIP segment, healthy growth in the mass business, as well as improved hold rates and increased foot traffic to the RWM complex.

Travelers said this was a result of an increase in gaming capacity, with the opening of the ground and second-floor gaming area of the Grand Wing in January and August this year, along with new machines at the Garden Wing. 

Non-gaming revenues also increased, up 43 percent to P4.6 billion, as a result of higher restaurant covers, more hotel rooms, and higher revenues from theatre, mall, and cinemas.

Travelers noted that from just three hotels operating in 2018, three additional hotels were in fuill operation in 2019, including Courtyard by Marriott Iloilo which opened in May 2018, Hilton Manila which opened in October 2018 and Sheraton Manila which opened in January 2019 – bringing the total room keys to 2,527 by period-end.

Travelers International, and thus, RWM’s results came as part of the Q3 results filing of Alliance Global Inc, the parent company.