Travellers makes strong Q4 recovery
Pasay City, March 26, 2018 –Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported a 5% increase in revenues from its non-gaming segment to PHP 4.0 billion during the year driven by hotel and MICE operations.
Property visitation continued to improve averaging 27,000 in the fourth quarter, up from 23,000 in the third quarter. Average occupancy rate for the three hotels stayed high, hovering around the 80% mark, led by Remington Hotel (now Holiday Inn Express) at almost 90%.
TIHGI also reported unaudited consolidated financial results with gross revenues ending at PHP21.1 billion and EBITDA amounting to PHP3.5 billion for the year ended December 31, 2017. Gross gaming revenues continued to recover after the loss of the 2nd floor gaming in June 2017, increasing by 22% in the fourth quarter compared to the previous quarter and ending at PHP17.1 billion.
“We are pleased to see continuous improvements in our quarterly results and expect to sustain this upward trend, especially with the partial opening of Phase 3 development’s gaming area in the near future. This new facility will be called Grand Wing while the original facility will be called Garden Wing.” said Kingson Sian, President & CEO of TIHGI. “The Grand Wing’s three hotel brands will open in phases beginning mid this year, with all three open by year end.”
Grand Wing will have three international luxury hotels – Hilton Manila, Sheraton Manila Hotel, and Hotel Okura Manila, adding approximately 940 rooms. It will also include new gaming and retail spaces, as well as six basement parking decks.
TRAVELLERS INTERNATIONAL HOTEL GROUP, INC.Office: +632 908-8000
Fax: +632 908-8107
FOR INVESTOR RELATIONS AND COMPLIANCEBernard Than
Chief Financial Officer, Investor Relations Officer, Corporate Information Officer, & Compliance Officer