BY ANGPING & ASSOCIATES SECURITIES
Travellers International Hotel Group Inc. (RWM) doubled its profit in 2014 on the back of higher revenues from its hotel and casino operations.
Net income reached PHP 5.5 billion from PHP 2.7 billion in 2013, while gross revenue rose 5.5% to PHP 31.6 billion in the same period.
Average occupancy rates of its three hotels improved to 89.0% from 71.0% in 2013.
Revenues from hotel, food, beverage and others also contributed PHP 3.2 billion, as the company continued to make full use of its facilities to drive gaming patronage.
The company spent PHP 5.9 billion last year for the ongoing construction of the second and third phases of Resorts World Manila.
The Marriott Grand Ballroom will open in July, while the Marriott West Wing, which will add 227 room keys, will be delivered by year-end.