Travellers Records US$35 Million Loss At Resorts World Manila In 3Q20

Travellers records US$35 million loss at Resorts World Manila in 3Q20. Travellers International Hotel Group, the entity that owns and operates Resorts World Manila, has reported a net loss of Php1.7 billion (US$35.3 million) during the third quarter. This is considerably higher than the Php59 million (US$1.2 million) loss reported in 3Q19 but showing improved sequential momentum.

According to a quarterly income report from Alliance Global Group, a joint venture partner in Travellers alongside fellow investor Genting Hong Kong, RWM’s total gross revenue in 3Q20 increased four-fold to Php3.7 billion (US$76.8 million) compared with the second quarter, with gross gaming revenue rising six-fold to Php3.2 billion (US$66.4 million) and non-gaming revenue up 15% to Php447 million (US$9.3 million).

Adjusted EBITDA loss was Php189 million (US$3.9 million) versus a second quarter loss of Php1.3 billion (US$27.0 million). The results reflect the ongoing impact of COVID-19 on RWM’s business volumes in 2020 but also the August reopening of some gaming operations following a PAGCOR directive permitting Manila’s casino floors to run at 30% capacity.

For the first nine months of the year, Travellers reported a net loss of Php5.4 billion (US$112.1 million) – down from net income of Php786 million (US$16.3 million) over the same period last year. Total gross revenues were down 55% though 30 September 2020 to Php11.5 billion (US$238.6 million), with GGR also declining 55% year-on-year to Php9.3 billion (US$193.0 million).

RWM’s struggles didn’t appear to affect Alliance Global Group too much, with the company reporting a 14-fold sequential increase in net profit to Php2.2 billion (US$45.7 million) in 3Q20. Travellers has not directly reported its financial results since delisting from the Philippine Stock Exchange in late 2019.

[image: Resorts World Manila]

Bitcoin (BTC) $ 62,203.00 1.61%
Ethereum (ETH) $ 4,280.99 1.66%
Binance Coin (BNB) $ 488.26 0.28%
Tether (USDT) $ 1.00 0.12%
Cardano (ADA) $ 2.19 1.79%
Solana (SOL) $ 206.25 2.93%
XRP (XRP) $ 1.15 5.19%
Polkadot (DOT) $ 46.02 3.26%
Dogecoin (DOGE) $ 0.265445 0.39%
USD Coin (USDC) $ 1.00 0.07%
S&P 500  ^GSPC 
$4,574.79  $8.31  (0.18%)
Dow Jones Industrial Average  ^DJI 
$35,756.88  $15.73  (0.04%)
NASDAQ Composite  ^IXIC 
$15,235.72  $9.01  (0.06%)
Russell 2000  ^RUT 
$2,296.08  $16.56  (-0.72%)
Crude Oil Dec 21  F*CL.NYM 
$84.44  $0.2100  (-0.25%)
$0.0000  $0.0000  (0.00%)