Resorts World operator still reeling from casino shooting

THE shooting incident at Resorts World Manila (RWM) last June continued to drag on Travellers International Hotel Group, Inc. (TIHGI)’s bottom line, as the company booked a net loss for the third quarter of 2017.

In a regulatory filing, the owner and operator of RWM said it delivered a net loss attributable to the parent of Php408 million, coming from an attributable profit of Php1.18 billion in the July to September period of 2017.

On a nine-month basis, net loss attributable to the parent was recorded at Php34.13 million, against earnings of Php2.98 billion in the same period a year ago. The casino area of Resorts World Manila was closed for 27 days in June this year due to a shooting incident that left 38 people, including the gunman, dead.

The second floor of the casino, where the gaming tables are, has yet to be restored, pulling gross gaming revenues down to Php12.8 billion, 28% lower compared to the Php18.02 billion posted in the same period a year ago.

Despite the losses recorded, the company noted it has started to see visitors coming back to the integrated resort and casino estate.

The Andrew L. Tan-led firm noted average occupancy of hotels inside the estate was at 78% for the nine-month period. Foot traffic meanwhile averaged 23,000 daily in the third quarter, and 25,000 for the January to September period.