Travellers International Hotel Group, the owner and operator of Resorts World Manila has felt the effects of the temporary halt in casino gaming operations, recording a net loss of P3.7 billion in the first half of 2020.
The company was the hardest hit out of all the businesses under the Alliance Global Group – with gaming, theatre and meeting areas closed from mid-March.
Gaming net revenues fell 59 percent year-on-year to P4.4 billion, while non-gaming revenues fell 44 percent to P1.7 billion, due to foot traffic decline as well as the closure of the theatre, cinemas and retail outlets.
The hotel has been operating at limited capacity with occupancy ranging between 29% to 60% in the first half of the year.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.