Travellers 16Q3 profit surges, RWM phase 3 to open 2018

Travellers International Hotel Group Inc., the operator of Resorts World Manila, has posted a 153 percent year-on-year rise in net income for the third quarter of 2016, helped by higher volumes in all operating segments. 

The firm reported net income of P1.2 billion (US$24 million) in 16Q3, compared to net income of P467.1 million in 15Q3.

“The company continues to be profitable and remains committed in maintaining recurring dividends to our shareholders while being able to expand operations,” said Kingson U. Sian, president and CEO of Travellers.

Traveller’s gross gaming revenue rose 14.2 percent to P6.2 billion in the quarter, compared to P5.4 billion in the prior year period.

“This was primarily due to increased volumes across all segments,” said the company.

Meanwhile, the non-gaming businesses, which include hotel, F&B, and other revenues, contributed about P859.2 million in the third quarter, increasing by 2 percent year on year.

Hotels, saw an occupancy rate of 85 percent in the quarter.

“Our performance underscores the growing industry and our continued focus on driving sustainable, quality and diversified earnings,” Sian noted.

Travellers’ EBITDA increased 35 percent in the quarter to P1.9 billion in the quarter.

Commenting on its expansion plans, Travellers said its projects in Resorts World Manila are “in full swing” with Phase 2 on its tail end with the completion of the Marriott West Wing.

Phase 3, which will consist of three hotels, Hilton Manila, Sheraton Manila Hotel, and Maxims II, is scheduled to be operational by 2018, and will also include an additional gaming area, new retail spaces and six basement parking decks, said the operator.