Travellers International Hotel Group, the operator of Newport World Resorts, reported a 6% decline in gross gaming revenue (GGR) for 2024, totaling PHP32 billion ($566 million), according to financial results released on Tuesday.
The company, which operates Manila’s Integrated Resort, is the gaming and leisure subsidiary of the Philippines conglomerate Alliance Global Group (AGI).
The company recorded total gross revenues of PHP39.9 billion ($705 million), slightly down by 3 percent compared to 2023.
The mass market segment showed strong performance with gaming revenue increasing by 9 percent from 2023, reaching PHP17.4 billion ($308 million). However, VIP revenue declined by 20 percent to PHP14.6 billion ($258 million).
For the full year of 2024, Travellers International reported net revenue of PHP31.3 billion ($553 million), down 1 percent from the previous year. The company noted that net revenues remained relatively steady as promotional expenses were effectively managed despite the decline in gross gaming revenue.
The company’s financial stability was supported by continued strength in the non-gaming segment. The mass market gaming segment expansion was attributed to increases in volume and steady hold rates, which helped offset weaker VIP performance that suffered from lower rolling volume and reduced VIP win rates.
Non-gaming revenue showed sustained expansion, driven by higher hotel occupancy, improved revenue per available room (RevPAR), and increased MICE (Meetings, Incentives, Conferences, and Exhibitions) activities, all supported by record foot traffic at the complex.
The company’s EBITDA margin improved from 26 percent in 2023 to 30 percent in 2024, which the company attributes to an optimized cost structure resulting in improved operational efficiency.
Travellers International Hotel Group operates five hotel brands with a total of 2,742 hotel room keys. In 2024, the hotels recorded an 86 percent occupancy rate. The company’s gaming operations include 495 VIP and mass gaming tables along with 2,383 slot machines.
