Resorts World Manila attack drags Travellers 2017 net profit down

Net profit of Philippine-listed casino operator Travellers International Hotel Group Inc. (TIGHI) has plunged 92% in 2017 as the shadow of the deadly Resorts World Manila (RWM) attack lingers.

In a regulatory filing, TIGHI announced that its net profit fell sharply to PHP241.7 million ($4.61 million) last year, compared to nearly PHP3.40 billion ($64.84 million) in 2016.

Its adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) slid by nearly 50 percent to PHP3.46 billion ($65.98 million) last year from PHP6.42 billion ($122.43 million) in 2016, while net debt grew two folds to PHP20.89 billion ($398.37 million) in 2017.

TIGHI attributed the decline to “the June 2, 2017 incident that led to the closure of the gaming area for 27 days and portions of the non-gaming segment.”