Travellers International reported growth in the second quarter

Travellers International reported growth in the second quarter

The Travellers International Hotel Group Inc., the entity behind Resorts World Manila, recently renamed to Newport World Resorts, revealed its second quarter financial results. Alliance Global Group Inc., one of the operator’s shareholders, included the operator’s performance metrics in an earnings call. The results of Travellers International were positive, continuing its recovery from the COVID-19 Pandemic.

AGI is confident in the success of Newport World

The integrated resort company recorded a 143% year-to-year increase in gross gaming revenue, reaching $263 million. Stable growth and prospects are indicated by the 25% increase in the sum compared to Q1 2022.

Alliance Global increased its stake in Travellers International to 60%, up by ten percentage points compared to the start of the year. The entertainment and leisure investments were responsible for the holding’s profits.

The strong interim performance is due to the rise in economic activity and the increase in consumer spending.

AGI is confident in maintaining its growth, according to a recent press release. The company’s properties are facing challenges related to the increased global instability. According to Kevin Tan, Alliance Global has the strategy, the products it offers, and the strong market position to keep on improving.

Increased visitors were helped by looser carbon dioxide restrictions

The growth of Travellers International can be attributed to the confidence of its shareholders. AGI stated earlier in the year that it would invest $75 million into Newport World Resorts.

Net gaming revenue reached $172 million in the first half of the year, an increase of 87% compared to the first half of the year, and a 44% increase compared to the first half of the year.

More relaxed mobility and travel restrictions resulted in increased foot traffic and foreign tourist arrivals, which was a significant factor in the company’s growth. Metro Manila has been placed under an alert level since March 1. Non-gaming revenues increased by 25% to $41 million as a result of an increase in hotel occupancy rates.

Compared to last year, Alliance Global recognized the positive signs and increased promotional allowances. The massive integrated resort, which hosts seven hotels and 323,000 sq ft of gaming space, depends on maintaining significant visitor numbers.

Summary:

In the second quarter of this year, Travellers International Hotel Group, the entity behind Resorts World Manila, reported a 143% year-to-year increase in gross gaming revenue to $263 million. For the first half of the year, the company’s net gaming revenue reached $172 million, an 87% increase compared to H1 2021, and a 44% increase compared to Q1 of this year.