Resorts World Manila Finally On the Rebound

According to Alliance Global Group (AGI), gross gaming revenues (GGR) at Resorts World Manila (RWM) increased 53% year-on-year and 46% quarter–on–quarter to Php4.9 billion ($97.5 million) in the three months to September 30, 2021. AGI holds 56.8% of RWM operator Travellers International Hotel Group Inc., while Genting Hong Kong holds 39.2%, and the rest is held by other parties.

Resorts World Manila on the Rebound

AGI filed Monday’s filing stating that RWM had overcome lockdowns in parts of 3Q21 and achieved record gross revenues of Php5.0 billion ($99.5 million). This is an increase of 36% year on year and 9% quarter on quarter. The resurgence of GGR to Php4.9 billion (US$97.5 million) was the main driver. Hotel revenues were stable with an average occupancy rate at 79%, “nearly reaching its pre-pandemic levels.”

Travellers earned income of Php1.9 billion ($37.8 million) for the first nine months of 2021. This is a reverse of the loss of Php5.4 billion ($107.4 million) in the same period of 2020. This included a Php5.6 billion ($111.4 million) gain from services rendered to a subsidiary related to Manila’s Westside City Project. Suntrust Resort Holdings Inc, a subsidiary of Suncity Group, is currently developing the Westside City project in Manila’s Entertainment City precinct. It will house a $1-Billion casino and hotel.

Gross revenues of Travellers for the nine months ended September 20 were Php14.8 billion ($294.4 million), an increase of 28% over last year. GGR was up 37% to Php12.8 billion ($254.6million).

AGI Sees All-Around Improvements

AGI’s September group net income, which includes its interests at Megaworld Corporation, spirits manufacturer Emperador Inc, McDonald’s Philippines operator Golden Arches Development Corporation, and infrastructure development firm Infracorp Development, Inc, grew 173% annually to Php17.3 billion ($344.1 million).

Kevin Tan, CEO of AGI, stated that he looks forward to the continued reopening of the economy because it could lead to much-anticipated revenge spending just in time for the holidays. “We expect the renewed activity to continue, paving the way for the Group’s full recovery from the pandemic hopefully by next year,” he added.

RWM Showing Holiday Spirit

Only a couple of days ago, RWM opened the Christmas Mall-seum, its largest-ever art exhibition. RWM’s Grand Fiesta Manila 2021 holiday celebrations include this grand art show. For the 12th anniversary celebrations of the country’s first integrated resort, the Christmas Mall-seum in Newport Mall hosts 12 of the nation’s most prominent artists and art galleries over 12 weeks.

The Plaza, 2F Newport features a teaser collection that each artist and art house has created. The full collection showcase opened on November 3. Selected art pieces will be available for purchase through www.rwmexclusives.com using cash, credit or RWM membership points. Part of the artwork sales proceeds will be donated to San Lorenzo Ruiz Home for the Elderly and Concordia Children Services.