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Travellers posts 41 pct dip in 17Q1 income on forex losses

Resorts World Manila-operator Travellers International Hotel Group Inc saw a 41 percent decline in total income in 17Q1, mainly due to an increase in foreign exchange losses and a decline in finance income.

According to a filing from Genting Hong Kong, which is a joint venture partner along with Alliance Global, Inc for Travelers International, total comprehensive income for the quarter was P685.4 million in the first quarter of 2017, as opposed to P1.2 billion in the prior corresponding period.

Gaming revenues down slightly to P5.3 billion in 17Q1 from P5.6 billion in 16Q1 as a result of a lower VIP win rate which offset an increase in revenues from the non-VIP segment.

Non-gaming revenues however increased 9 percent to P811.8 million from P666.7 million in 16Q1, due to an increase in revenue contribution from the Marriott Grand Ballroom and the newly opened Marriott West Wing, an extension of Marriott Hotel Manila.

The company’s net revenue in the quarter amounted P5.8 billion, down from P5.9 billion in 16Q1.

As of March 31, 2017, average number of casino tables and slot machines at Resorts World Manila were 311 and 1,771 respectively.

Average daily property visitation increased to 29,131 from 27,102 in 17Q1, according to the company.

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