Travellers’ 1Q EBITDA hits P1.4billion
Pasay City, May 15, 2017 — Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported today unaudited consolidated financial results with net revenues ending at PHP 5.8 billion and EBITDA at PHP 1.4 billion.
Gross gaming revenues reached PHP 5.3 billion with improved performance from the non-VIP segment as revenues grew by 10% year on year. While the non-gaming revenues increased by 9% year on year, ending the quarter at PHP 1.1 billion. Much of this can be attributed to the solid improvement from the Meetings, Incentives, Conferences and Exhibitions/Events (MICE) business of Marriott Grand Ballroom and additional hotel rooms of the Marriott West Wing.
RWM’s total room count now stands at 1,454 with an average occupancy rate of 86% for Maxims Hotel, Marriot Manila Hotel and Remington Hotel.
Overall average daily property visitation grew 7% year on year as vehicular traffic in the area improved with NAIA-X fully operational.
“RWM’s continued expansion projects will further enhance the existing diversified offerings aimed to provide a holistic customer experience.” said Kingson Sian, President & CEO, TIHGI.
The Company has invested approximately PHP 64.6billion since 2008 contributing to the country’s appeal as a leisure tourism destination.
“We remain confident that the Philippine economy and the tourism industry will continue to grow and we look forward to launching our Phase 3 development by 2018,” Sian added.
Phase 3 will include three hotels, namely, Hilton Manila, Sheraton Manila Hotel, and Maxims II. It will also include additional gaming areas, new retail spaces and additional basement parking levels.
TRAVELLERS INTERNATIONAL HOTEL GROUP, INC.Office: +632 908-8000
Fax: +632 908-8107
FOR INVESTOR RELATIONSBernard Than
Chief Financial Officer & Investor Relations Officer
FOR COMPLIANCEAtty. Ma. Georgina A. Alvarez
Chief Legal Officer & Corporate Information Officer