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Philippines – Newport World Resorts reports EBIDTA twice as high as pre-pandemic levels

By - 17 May 2023

Manila’s Newport World Resorts, previously called Resorts World Manila, has reported an increase in GGR of 36.2 per cent year-on-year, reaching US$158m in the first three months of 2023, with EBITDA now over 50 per cent of pre-pandemic performance, approaching levels achieved in 2014.

Parent company Alliance Global Group (AGI) said that gaming-related expenses grew at a slower rate from last year, leaving net gaming revenues to increase by 55.8 per cent to US$109m).

Non-gaming revenue almost doubled, compared to last year, hitting US$32m due to an increase in shoppers, hotel occupancy, which ranged between 66 per cent to 85 per cent, corporate events and MICE activities.

The company said: “Sustained GGR expansion was driven by the recovery in the mass segment and continued improvement in VIP business. Margin enhancement was supported by slower increases in gaming-related expenses. Non-gaming revenues were boosted by improving hotel occupancy rates and REVPAR amid a resurgence in staycations and MICE activities.”

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