Newport World Resorts' GGR increases by 36% YoY in 1Q

Newport World Resorts’ GGR increases by 36% YoY in 1Q

Travellers International Hotel Group Inc, the owner and operator of Newport World Resorts in Manila, reported a 62.9% YoY increase in overall revenues to PHP7.90bn ($140.9m) for Q1 2023. Gross gaming revenues rose by 36.2% to just above PHP8.89bn, while net profit was PHP348.7m, compared with a loss of PHP219.7m in Q1 2022. Net gaming revenues rose 55.8% YoY to about PHP6.11bn, while non-gaming core revenues almost doubled to PHP1.8bn, positively impacted by an increase in mall goers, hotel occupancy, corporate events and MICE activities. Direct costs rose by about 45% YoY, with costs related to gaming operations up 40.2%.