By Leslie D. Venzon
MANILA, March 20 (PNA) — Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), posted a doubling of profits in 2014 driven by higher gaming revenues.
In a report to the Philippine Stock Exchange, TIHGI said its net income reached Php5.45 billion last year from Php2.74 billion in 2013.
Its net revenues amounted to Php29.06 billion, with gaming contributing Php28.38 billion, or 97.6 percent of the total.
Revenues from hotel, food, beverage and others reached Php3.19 billion.
“Travellers is confident in its ability to deliver sustainable growth, and shall continue to focus on delivering quality of earnings to its shareholders through the top line growth in revenues and expense management,” said Kingson Sian, TIHGI President.
The company’s financial condition remains strong with total assets increasing to Php63.9 billion from Php61.2 billion while total liabilities declined to Php24.8 billion from Php27.8 billion.
It remained on a net cash position at Php4.4 billion as of the end of 2014.
Travellers spent Php5.9 billion in 2014 for its ongoing Phase 2 and 3 projects of Resorts World Manila.
The Marriott Grand Ballroom is set to formally open in July of this year, while the Marriott West Wing, which will add 227 room keys, is due for delivery by the end of 2015. Phase 3 complex is slated for turnover by the end of 2017 as planned.
In September 2014, Travellers subscribed to 95 percent of the increased authorized capital stock of Resorts World Bayshore City, Inc. (RWBCI), the company that owns and shall operate the Bayshore City Resorts World in Entertainment City.
Bayshore City Resorts World is targeted to be completed by the end of 2018. (PNA)