The operator of Newport World Resorts, in Manila, has announced that it achieved some PHP28.6 billion ($484.09 million) in gross revenue during the first nine months of the year, boosted by ‘increased foot traffic’ at the integrated resort.
Travellers International, a subsidiary of the Alliance Group, notes that the gross gaming revenue contributed some PHP23.5 billion ($397.77 million) to the tally, while non-gaming revenue amounted to some PHP5.1 billion ($86.32 million).
The company indicated in a Wednesday filing that the third quarter helped boost results, with GGR up by 7 percent sequentially on rises in both mass and VIP which ‘improved from the previous quarter’s levels on better win rate and steady mass volume’.
Net income rose significantly by 31 percent yearly, to PHP651 million ($11.02 million).
Looking at the conglomerate as a whole, net income was up by 24 percent during the nine-month period, topping PHP24.8 billion ($41.98 million), with consolidated revenue reaching PHP143.4 billion ($242.72 million).
Speaking of the overall results, President and Chief Executive Officer of AGI Kevin Tan noted that “What provided an added lift in Group earnings and margins is our ongoing cost management efforts, which we have implemented across the business. As we build a culture of cost awareness, we hope to further enhance our operating efficiencies moving forward.”
