It was recently revealed that Newport World Resorts managed to reach the newest yearly high in terms of gross gaming income collected for the previous year, surpassing PHP34.2bln, which is roughly $600.38m. Additionally, when it comes to non-gaming income, it has also reached double-digits.
Revenue data for Newport World Resorts for 2023:
As for the Newport World Resorts‘ aforementioned non-gaming income, it managed to grow by 40% annually to PHP7.4bln, which is roughly $130m, based on new results unveiled by Alliance Global Group (AGI), parent firm of Newport World Resorts. In addition, the integrated resort (IR) credits the aforementioned notable year-on-year increase to “driven by the resurgence in tourism and meetings, incentives, conferences, and exhibition (MICE) activities,” which also helps boost hotel income.
Relatedly, Hakan Dagtas, Chief Operating Officer of Newport World Resorts, formerly said to the Asia Gaming Brief that the group has a major position when it comes to non-gaming, with almost 90 restaurants and more than 3,500 hotel rooms, along with increasing options regarding entertainment.
In its statement from April 16, the group pointed out that during the last year, it came face-to-face with increasing expenses and pressures. However, despite this, it still experienced 8% year-on-year EBITDA growth to PHP8.2bln, which is roughly $144m, representing the highest EBITDA level as of 2012.
As for the net profit of the IR, it saw a growth of 89%, reaching PHP2bln, which is roughly $35m, in the previous year.
Nonetheless, in former comments to Asia Gaming Brief, Dagtas emphasized that last year was the greatest year for the IR since its opening and that they are very pleased with the overall results.
Regarding the start of 2024 in particular, Dagtas said that IR went through minor income problems during the first two months of the current year. In addition, he hopes that March could offer the necessary help to offset the small decline.
Revenue data for Alliance Global Group in 2023:
The integrated resort is now entirely under the umbrella of AGI, meaning the company has firmed up the purchase of 40% of IR’s shares from Genting Hong Kong at the beginning of 2023.
The firm, which is managed by Andrew Tan, a billionaire tycoon, revealed that it managed to reach a record in terms of revenue collected for the duration of the previous year, an increase of 20% to PHP30.3bln, which is roughly $531.88m. As for net revenue, it grew 21% on a yearly basis to PHP19.6bln, or about $344.06m.
Commenting on the revenue results, AGI CEO Kevin Tan, pointed out that the previous year was “a historic year for the group as it delivered excellent performance across all of its business, led by its real estate, tourism and consumer segments.”
On a related note, AGI manages the aforementioned IR under the Travellers International Hotel Group, its hospitality, entertainment and leisure arm. In addition, it manages McDonald’s Philippines, produces spirits under the popular Emperador brand, and runs property giant Megaworld Corporation.
Commenting on the projections for 2024, Kevin Tan commented according to Asia Gaming Brief: “We look forward to the much-anticipated policy rate cuts as inflation begins to ease, improving the economic and business environment with the resurgence in consumer spending, as well as demand for housing, tourism and staycation activities.”