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Record-Breaking Financial Performance
Travellers International Hotel Group Inc., the esteemed operator of Newport World Resorts, has announced a significant increase in gross gaming revenues (GGR) for 2023. Rising by 7 percent, the GGR reached a new peak of PHP34.2 billion (approximately US$600.5 million). This financial milestone highlights the organization’s robust growth and is part of a positive trend reported in a recent disclosure to the Philippine Stock Exchange by its parent company, Alliance Global Group Inc.
Driving Forces Behind Revenue Surge
The substantial growth in net revenues, which saw a 19 percent increase from the previous year to PHP31.9 billion, was primarily fueled by a vibrant resurgence in the tourism sector and enhanced activities in the meetings, incentives, conferences, and exhibitions (MICE) segment. This revitalization led to a notable 40 percent year-on-year escalation in hotel and other related revenues, which topped off at PHP7.4 billion. The synergy between increased global travel and strategic hospitality services has evidently played a crucial role in this fiscal upswing.
Sustained Financial Health Amid Rising Costs
Despite encountering rising operational costs throughout the year, Travellers International managed to elevate its earnings before interest, taxes, depreciation, and amortization (EBITDA) by 8 percent, reaching PHP8.2 billion—marking the highest EBITDA level since 2012. Additionally, the firm’s net income saw a substantial rise, growing by 89 percent year-on-year to approximately PHP2.0 billion. These figures not only demonstrate the company’s ability to manage expenses effectively but also its capability to significantly enhance profitability.
Future Expansion and Development Plans
Looking ahead, Travellers International is poised to expand its reach within the integrated resort sector. With five international hotel brands currently under its wing—including Marriott Manila Hotel, Sheraton Manila Hotel, Hilton Manila, Hotel Okura Manila, and Holiday Inn Express Manila—there is a clear vision for growth. In June of the previous year, Alliance Global expressed intentions to explore new locations for expanding its integrated resort operations, though specific plans regarding locations or timelines have yet to be finalized. This forward-looking approach indicates a strategic commitment to broadening the company’s market influence and catering to a growing global audience.
Through strategic management and an aggressive expansion strategy, Travellers International continues to set new benchmarks in the casino and hospitality industry, promising more innovative developments in the years to come.
