Travellers’ FY 2016 EBITDA rise to P6.4 billion
Pasay City, March 16, 2017 –Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported audited consolidated financial results with revenues ending at PHP 27.5 billion and EBITDA increasing by 4% to PHP 6.4 billion.
Gross gaming revenues for the year ended at PHP 23.6 billion, supported by an improved win rate and stable growth in the non-VIP segment. Revenue from non-gaming activities, which include hotel, F&B, and other sources, contributed PHP 3.8 billion during the year increasing by 10%.
Growth in non-gaming revenues can be attributed to new opportunities in MICE (Meetings, Incentives, Conferences, and Events) through the Marriott Grand Ballroom (MGB) which became fully operational in June 2015. Increased revenues were also seen in the entertainment front, specifically with RWM’s theatrical production of Annie.
“We are confident that the diversity of our non-gaming businesses and attractive entertainment offerings set us apart as a tourism destination,” says Kingson U. Sian, President and CEO of TIHGI. “This will enable us to deliver continued growth and stable financial performance in the years to come.”
Total room count for the three hotels (Maxims Hotel, Remington Hotel, and Marriott Hotel Manila) has increased to 1,454 with the addition of 228 premier rooms and suites from the Marriott West Wing which formally opened on 30 November 2016.
“Philippine tourist arrivals have grown steadily in the past seven years with 2016 reaching six million international arrivals. Resorts World Manila is ready to accommodate the influx of tourists to the country,” assures Mr. Sian. “The projected completion of RunWay Manila, the pedestrian link bridge between NAIA Terminal 3 and Newport City, in the second quarter of 2017 will make RWM an even more convenient destination for leisure and business travelers.”
The opening of the Marriott West Wing completes the Phase 2 expansion. Phase 3, consisting of three hotels, Hilton Manila, Sheraton Manila Hotel, and Maxims II, is well underway. Sheraton Manila Hotel is targeted for completion by the last quarter of 2017 while Hilton Manila in the first quarter of 2018. Phase 3 will also include additional gaming areas, new retail spaces and six basement parking decks.
The Company’s net debt position was at PHP 8.6 billion as the Company continues to be aggressive on its expansion projects.
TRAVELLERS INTERNATIONAL HOTEL GROUP, INC.Office: +632 7908-8000
Fax: +632 7908-8107
FOR INVESTOR RELATIONS AND COMPLIANCEBernard Than
Chief Financial Officer, Investor Relations Officer, Corporate Information Officer, & Compliance Officer