Travellers Int’l doubles net income to P5.45 B in 2014

MANILA, Philippines - Resorts World Manila operator Travellers International Hotel Group Inc. has doubled its earnings last year after reducing operating expenses.

In a disclosure to the Philippine Stock Exchange, the joint venture between the world’s third-largest cruise line operator Genting Hong Kong and local conglomerate Alliance Global Group Inc. of tycoon Andrew Tan said its net income last year jumped to P5.45 billion from P2.74 billion the previous year.

Last year, the Travellers Group focused on delivering quality earnings to its shareholders by “channeling efforts to the growing core businesses and markets, while achieving operational efficiencies.”

“Creating shareholder value was our main objective for 2014 which we achieved through quality earnings and operating efficiencies,” said Kingson Sian, Travellers Group president,

Gross revenue, however, dipped five percent to P31.6 billion last year from P33.4 billion in 2013.

The company said full year operational trends last year included growth in volume in all segments except in the VIP segment, a result of the firm’s deliberate move to be more prudent in the latter.

Travellers Group added that blended win rate showed a recovery and improved in the second half compared to the first half of 2014.

For its three hotels in Newport City, Travellers Group said averaged occupancy rates grew to 89 percent last year from only 71 percent in 2013.

Travellers Int’l… From B-1

Non-gaming revenues, which came from hotel, food, and beverage stood at P3.19 billion as the company continued to make full use of its facilities to drive gaming patronage.

The company’s financial condition, meanwhile, remained strong as total assets increased to P63.9 billion from P61.2 billion, while total liabilities declined to P24.8 billion from the 2013 level of P27.8 billion.

“Travellers is confident in its ability to deliver sustainable growth, and shall continue to focus on delivering quality of earnings to its shareholders through the top line growth in revenues and expense management leading to continued expansion in its EBITDA and net income,” Sian said.

Travellers Group said it spent a total of P5.9 billion in 2014 for its ongoing Phase 2 and 3 projects of Resorts World Manila.

The Marriott Grand Ballroom, meanwhile, is set to formally open in July of this year, while the Marriott West Wing, which would add 227 room keys, is due for delivery by the end of the year.

Phase 3 complex is slated for turnover by the end of 2017 as planned, the company said.

In September last year, Travellers Group subscribed to 95 percent of the increased authorized capital stock of Resorts World Bayshore City, Inc, the company that owns and would operate the Bayshore City Resorts World in Entertainment City.

Bayshore City Resorts World is targeted to be completed by the end of 2018.