Travellers Q1 income up 72%

MANILA, Philippines - An improvement in win rate significantly boosted the first quarter earnings of Travellers International Hotel Group Inc., the owner and operator of the Resorts World Manila casino complex.

In a statement, Travellers Group said it breached the P1-billion income mark in the first quarter at P1.7 billion, up 72 percent from P995.4 million a year ago.

“Gaming revenues contributed P7.2 billion of gross revenues, with hotel, food and beverage, and other revenues at P791.1 million,” Travellers Group said.

Gross gaming revenue rose 24.3 percent from the fourth quarter of 2013, “a result of the win rate improving in the first quarter compared to the last two quarters of 2013,” Travellers Group said.

Win rate, one of the top operating metrics in casino operations, determines gaming revenues.

Drops volume, the amount of chips bought, grew for all segments in the first quarter, save for the VIP sector due to timing differences in overseas promotional events, the company explained.