Philippines casino operator Travellers International Hotel Group reported a 27.6 percent drop in gaming revenue in 2017, due mainly to the impact of the mass shooting last June that took 38 lives at the company’s Resorts World Manila.
Gaming operations at the property were shut down for 27 days after the attack, and some areas of the casino have never reopened, resulting in the decommissioning of 67 mass-market and VIP table games.
Not surprisingly, VIP volume fell 40 percent for the year, and total table drop was down 32.8 percent to PHP304.5 billion (US$5.8 billion).
Gaming revenue for the year totaled PHP17.11 billion ($327.9 million), driving down property-wide EBITDA by almost PHP3 billion. Net income fell 92 percent to PHP241.7 million ($4.6 million).
The property has been recovering, however, posting a 22 percent increase in gaming revenue and a 17 percent increase in visitation in the third quarter, and management is looking to build on that with the addition this year of three hotel brands—a Hilton Manila, a Sheraton Manila Hotel and a Hotel Okura Manila, totaling 940 rooms—and 12,000 square meters of new gaming space as part of a multi-phased expansion.
