Arab Today, arab today philippines pioneer casino operator profits halve
Last Updated : GMT 18:26:18
Arab Today, arab today
Arab Today, arab today

Philippines' pioneer casino operator profits halve

Arab Today, arab today

Arab Today, arab today Philippines' pioneer casino operator profits halve

Poor roads in the capital Manila
Manila - AFP

The owner of the Philippines' first mega-casino on Friday said its second-quarter profits halved amid an industry wide slump that could threaten the country's bid to become a top gaming destination.

Travellers International Hotel Group, operator of Resorts World Manila, said net income for the April to June period fell 46.78 percent from a year earlier to 619.04 million pesos ($13.4 million) as gaming revenues declined.

The results, which missed the 1.39 billion pesos analyst forecast compiled by Bloomberg News, come after rivals also reported disappointing results due to a slump in Chinese visitors and rising costs.

Travellers' first-half net profit fell 18 percent to 2.36 billion pesos, after surging over the same period last year, the company said in a stock exchange filing.

"The outlook on the casino industry is negative. The mass market is not growing as fast as everyone expected," Angping and Associates Securities research chief Jose Rafael Supangco told AFP.

Bloomberry Resorts, owner of the Solaire casino, said Thursday it swung into the red in the second quarter due to higher costs from new investments.

Last week, Melco Crown (Philippines), which runs City of Dreams Manila, said net losses for the same period widened to 1.82 billion pesos.

A corruption crackdown by Beijing and a festering territorial dispute between Manila and Beijing appear to be discouraging big-spending Chinese tourists from visiting the Philippines, Supangco said.

Poor roads in the capital Manila are also hampering the government's hopes of seeing $7 billion in annual casino revenues by 2020, on a par with Singapore and Las Vegas.

The gaming regulator remained optimistic, however, telling AFP in a statement: "The opportunity for the Philippines to be a major regional entertainment destination remains very strong."

Travellers said net first-half revenue fell 13.5 percent to 12.47 billion pesos, hit by a poor performance in gaming and a fall in its mall, theatre and cinema operations.

Foreign exchange losses also cut net profit by 426 million pesos for the January to June period as the US dollar strengthened against the peso, it said.

Travellers shares were up 0.19 percent before noon in Manila as investors stuck with the casino pioneer but sold shares in its rivals amid a fall in the broader market.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today philippines pioneer casino operator profits halve Arab Today, arab today philippines pioneer casino operator profits halve

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday