Resorts World Manila operator Travellers International Hotel Group saw a loss of PHP1.1bn ($23m) in Q1.
The company is a 50-50 venture between Alliance Global and Genting Hong Kong. The operator was “hit the hardest” of all Alliance Global’s interests, due to “continuing pandemic- related restrictions in Metro Manila”, the firm stated its Q1 results.
Travellers International’s revenue decreased 30.3 percent year-on-year, to just under PHP3.8bn in the three months to 31 March 2021. However, on a sequential basis, the company’s revenue was up five percent, relative to the PHP3.3bn revenues achieved in Q4 2020.
“Travellers was caught unexpectedly by the resumption of stricter restrictions in the later part of March that left it with higher marketing spend than the preceding quarter,” the firm stated.
Net gaming revenues at Resorts World Manila were just over PHP3.1bn, a decrease of 22.8 percent on PHP4.1 billion in Q1 2020. The decline was attributed to “mobility restrictions, travel restrictions for foreign tourists, and capacity limitation”, said the Alliance Global.
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