Alliance Global Group Inc (AGI) released the business’ financial results for Q3, which maintains a 56.8% majority stake in RWM operator Travellers International Hotel Group, while Genting Hong Kong holds 39.2% with the remainder owned by various other parties.
In its report, AGI noted strong growth in GGR despite renewed lockdown measures, while earnings were boosted by PHP 5.6bn in exceptional gains. Moreover, the group stated that it had mitigated a rise in gaming-related expenses due to “ongoing cost efficiency measures”.
As a result, Travellers saw PHP 5bn in gross revenue, up by 9% from Q2 and by 36% from the third quarter of 2020. This was largely driven by gaming, with 98% of the period’s revenue derived from this segment, while hotel revenues remained stable, maintained by a “resurgence in staycations” with an average hotel occupancy rate of 79% for the quarter.
While Travellers’ average daily visitors rose from Q2’s 6,100 to 6,800, they are down from the beginning of year, with the business seeing 11,200 in Q1, and continue to remain below pre-pandemic levels. However, this marked drop-off in foot traffic from the first to the second quarter can be attributed to the reimposition of Covid restrictions in Manila.
All-in-all, Travellers’ Q3 results bring the business’ gross revenue for the first nine months of 2021 ended 20 September to PHP 14.8bn for a 28% increase year-on-year, with GGR up by 37% to PHP 12.8bn.
