Arab Today, arab today philippines pioneer casino operator profits halve
Last Updated : GMT 23:59:57
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.

arabstoday
arabstoday

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

 



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 Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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