By James A. Loyola

Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported unaudited consolidated reported that its net income surged 353 percent to P1.7 billion in the first half of 2018 from P375 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said gross revenues was almost unchanged at P11.1 billion in the first semester this year from P11.2 billion in the same period of 2017.

Gaming revenue continues to improve on a quarter-on-quarter basis as it grew by P40.7 million in the second quarter to P4.5 billion.

Meanwhile, non-gaming revenue reached P1.1 billion posting a 9.2 percent growth in the second quarter compared to the previous quarter. Net profit for the second quarter ended at P1.2 billion.

“We continue to see growth in both our gaming and non-gaming business. This was supported by uptrends in both non-VIP and VIP segments, average daily visitation of 26,000 in the first half of 2018, and improvement in hotel occupancy,” said TIHGI President Kingson Sian.

He added that, “our Phase 3 development, which we have named Grand Wing, commenced operations in May with the opening of a portion of the ground floor gaming area. The project will be fully completed next year.”

The Grand Wing will have three international luxury hotels – Hilton Manila, Sheraton Manila Hotel, and Hotel Okura Manila, adding approximately 940 rooms. It will also include new gaming, entertainment, and retail spaces, as well as six basement parking decks.