Travellers Int third quarter net profit falls 59 pct
Travelers International Hotels Group, which operates Resorts World Manila Casino Resort in the Philippine capital, reported a 58.7% year-on-year drop in its third-quarter net profit.
These revenues were approximately 467.1 million PHPs ($9.93 million) in the three months to September 30, compared to slightly exceeding 1.13 billion PHPs in the same period last year. 슬롯머신
Earnings before interest, tax, depreciation and amortization in the third quarter of 2015 were approximately 1.38 billion PHPs, down 33.9% year-over-year from approximately 2.08 billion PHPs reported in the same period in 2014.
Travelers International's Q3 gross gaming revenue was about 5.44 billion PHP, down 24.6% from 7.21 billion PHP a year ago.
In its quarterly results submitted to the Philippine Stock Exchange, the company has seen an increase in volume and slots since the first quarter of 2015, while remaining cautious in the VIP sector.
Travelers International did not provide details on the size of its mass market gambling business and VIP business. The number of tables at Resort World Manila said it had increased to 305 as of Sept. 30, from 292 in the same period in 2014. The average number of slot machines increased from 1,802 to 1,818, while the number of electronic table games remained unchanged at 210, the company said.
The share of promotional allowances in game sales increased from 9.9% in 2014 to 14.9% in the third quarter of 2015.
Travelers International added that sales and other bonds reached about 5.95 billion PHP in the nine months to Sept. 30, up 39.0% from nearly 4.28 billion PHP at the end of 2014.
"This is due to the down payment made to the supplier in connection with the company's current expansion activities."
The expansion of Resort World Manila through Phase 2 and Phase 3 construction "is on track," data on Friday showed the company spent about $11.3 billion on Phase 2 and about $5.31 billion on Phase 3.
Phase 2 expands the existing Marriott Hotel Manila to provide additional hotel rooms in the building west of Marriott. It also includes the Marriott Grand Ballroom, a conference and convention facility that officially opened in July 2015.
The third phase consists of the expansion of two new hotels: Hilton Manila and Sheraton Hotel Manila and Maxim's Hotel. The third phase will also include a new game space, additional retail space and six underground parking lots, the file said.
Travelers International's basic and diluted earnings per share for the nine months ended September 30 were PHP 0.18. This compares to PHP 0.25 in the same period last year.
The business is a venture between Alliance Global Group Inc., based in the Philippines, and Genting Hong Kong Ltd, a subsidiary of Genting Bhd, Malaysia.
"Given Casino's reliance on Macau junkets, we expect suspicious debt to rise in connection with direct VIP/junkit entry," Morgan Stanley Research said in a 2016 Philippine casino market outlook report released last month.