Travellers International Hotel Group. Inc., the operator and developer of gaming and leisure complex Resorts World Manila, reported a 93-percent decline in net income in 2017 after a shooting incident in June.
Travellers said in an annual report filed with the Philippine Stock Exchange net income reached P241.7 million in 2017, down from P3.4 billion in 2017, while net revenues in 2017 declined 23 percent to P19.2 billion from a year ago level of P25.1 billion.
Gross gaming revenue dropped 27.6 percent to P17.1 billion as the June 2 incident led to the closure of the gaming area for 27 days and portions of the non-gaming segment.
The company said it was showing signs of recovery as gross gaming revenues in the fourth quarter of 2017 increased 21.5 percent to P4.3 billion from P3.5 billion in the third quarter.
Hotel, food and beverage revenues, meanwhile, climbed 8.5 percent to P2.8 billion.
Property visitation recovered, averaging 23,000 in the third quarter and 25,000 in nine months of 2017
“We are happy to see guests returning to the property and are excited to introduce Phase 3 of Resorts World Manila very soon,” said Travellers president and chief executive Kingson Sian.
“This development will be fully operational by the end of 2018 and will realize our vision to be among the premier world-class integrated entertainment and tourism destinations in Asia,” he added.
The resort’s expansion will have three international luxury hotels including Hilton and Sheraton, adding approximately 940 rooms. It will also include new gaming and retail spaces, as well as six basement parking decks. The expansion is expected to be completed by 2018.
A further expansion at Resorts World Manila will add more retail alternatives and other international hotel brands.
Travellers, meanwhile, is finalizing the master plan for a second casino project within the Pagcor Entertainment City in Parañaque City. The 31-hectare integrated resort and gaming complex called the Westside City Resorts World complex is scheduled for completion by the end of 2021.
