Newport World Resorts achieved a new annual high in gross gaming revenues in 2023, topping PHP34.2 billion ($600.38 million), with double-digit returns in its non-gaming revenue.
According to the most recent results released by parent company Alliance Global Group (AGI), Newport World Resorts’ non-gaming revenues rose by 40 percent yearly, to PHP7.4 billion ($130 million).
The group attributes the sharp annual rise as being ‘driven by the resurgence in tourism and meetings, incentives, conferences, and exhibition (MICE) activities’ – helping to also drive hotel revenue.
Newport World Resorts’ Chief Operating Officer, Hakan Dagtas, previously told AGB that the group holds “pole position” in regards to non-gaming, with over 3,500 hotel rooms and nearly 90 restaurants, alongside growing entertainment options.
In its Tuesday release, the group notes that it faced ‘rising cost pressures’ during the year, but still saw an annual increase in EBITDA of 8 percent, to PHP8.2 billion ($144 million)– the highest level since 2012.
Net income for the property increased by some 89 percent, hitting PHP2 billion ($35 million) in 2023.
In previous comments to AGB, Dagtas noted that 2023 was the group’s “best result ever since we opened” and that the group has been “quite happy with the growth”.
Starting off this year, however, the COO noted that the group had faced “some slight revenue issues […] in January and February” but was hoping that March could help compensate the slight downturn.
Alliance Global sees record-breaking income in 2023
Newport World Resorts is now fully under the wing of AGI, having cemented the buyout of Genting Hong Kong’s 40 percent stake in the joint venture early last year.
The holding company, controlled by billionaire tycoon Andrew Tan, recorded record-breaking income in 2023 – up 20 percent, to PHP30.3 billion ($531.88 million), with net profit up 21 percent yearly, to PHP19.6 billion ($344.06 million).
Speaking of the results, Kevin Tan, CEO of AGI, noted that “2023 was a historic year for the group as it delivered excellent performance across all of its business, led by its real estate, tourism and consumer segments”.
AGI operates Newport World Resorts under its leisure, entertainment and hospitality arm Travellers International Hotel Group. It also runs property giant Megaworld Corporation, manufactures spirits under the popular Emperador brand, and operates McDonald’s Philippines.
Speaking of expectations for this year, AGI’s CEO noted “we look forward to the much-anticipated policy rate cuts as inflation begins to ease, improving the economic and business environment with the resurgence in consumer spending, as well as demand for housing, tourism and staycation activities”.
