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HomeNewsPhilippinesDouble-digit drops in VIP GGR cause strong fall in income for Newport World Resorts

Double-digit drops in VIP GGR cause strong fall in income for Newport World Resorts

Newport World Resorts has a yearly drop in gross gaming revenue of some 16 percent, to PHP7.5 billion, according to the most recent results announced by its parent group.

The figure is also a sequential drop of 9 percent. The fall is led by a 42 percent decrease in VIP gaming revenue, to PHP3.2 billion. A 28 percent yearly rise in mass gaming revenue attempted to compensate the fall in VIP, amounting to PHP4.3 billion.

The group’s GGR has seen a falling trend over the past year, with mass steadily occupying more share than VIP. This comes amongst a general increase of average daily visitors – which totaled around 41,800 during the quarter, flat sequentially but up from the 37,400 registered in 1Q23.

Given its size, with some 2,742 room keys and five hotel brands, the group has been continually focusing on non-gaming, which brought in revenue of PHP1.8 billion, a 1 percent yearly fall but a 28 percent sequential fall.

Hotel occupancy during the period was 82 percent.

All told, attributable income was down 97 percent yearly and 99 percent sequentially, to PHP0.1 billion.

EBITDA was down by a third quarterly, to PHP1.4 billion, also a fall of 35 percent from 4Q24.

Speaking previously to AGB, the COO of Newport World Resorts, Hakan Dagtas, had indicated that the first few months of the year had been difficult, with hopes that March would help improve its first quarter results.

VIP/premium and non-gaming bolster Newport World Resorts IR

At the property, Newport operates some 503 VIP and mass gaming tables and 2,297 slots.

Newport World Resorts operates under the Travellers Group, a subsidiary of Philippines conglomerate Alliance Global Group Inc.

AGBrief Editorial
AGBrief Editorialhttps://agbrief.com/about-asia-gaming-brief/
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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