NEWS RELEASE

Travellers Net Profit at P4.0 billion, 12% improvement over same period in 2013
Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World
Manila (RWM), reported unaudited consolidated financial results for the first three quarters
ending September 30, 2014, with a net profit of P4.0 billion, a 12% improvement over the
same period in 2013. This is a 46% improvement over fiscal year 2013.
For the three months ended September 30, 2014, TIHGI posted total gross revenues of
P8.0 billion, up 4.7% over the same period in 2013 and 9.9% over second quarter of 2014.
Gaming revenues contributed P7.2 billion of gross revenues, with hotel, F&B, and other
revenues at P772.3 million.
The Companys gross gaming revenues for the three months ended September 30, 2014
registered a 6.2% improvement versus the same period last year and a 13.2% improvement
compared to the three months ended June 30, 2014, with the improvement in win rate which
is seen to continue to the next quarter.
Hotel occupancy for three months ended September 30, 2014 remains solid with all three
hotels, Maxims, Remington, and Marriott registering occupancy rate of 89%, 95% and 83%,
respectively. Total room count for the three hotels is at 1,226.
Company expenses for the three months ended September 30, 2014 remain in check with
promotional allowances at P784.8 million or at 10.9% of the gross gaming revenue.
Direct cost is at P1.9 billion, and general and administrative expenses at P2.9 billion.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the three
months ended September 30, 2014 reached P2.8 billion or 41.6% higher compared to the
P2.0 billion reported in the same period last year. EBITDA for the three quarters ended
September 30, 2014 is at P7,486.5 million or 15.1% higher compared to the P6,502.4 million
reported in the same period last year.
Travellers remains on net cash position at P 4.8 billion as of September 30, 2014.
In an earlier disclosure in September, Travellers announced the infusion of P4.0 billion in
paid-in capital to Resorts World Bayshore City, Inc. (RWBCI) following the completion of
subscription to 95% of RWBCIs shareholdings. RWBCI will own and operate Bayshore City
Resorts World, the companys integrated resort complex at Entertainment City.
Groundbreaking on October 1 signaled the start of the construction in the said property.
RWBCI shall have for its Phase 1, between 1,200 to 1,500 hotel rooms from Genting Grand,
Crockfords, Westin and Okura. It is expected to be completed in 2018.
Meanwhile, Travellers Phase 2 and 3 projects at Resorts World Manila are on track. Phase
2 involves the expansion of the existing Marriott Hotel Manila with the construction of
Marriott Grand Ballroom, as well as additional rooms through the Marriott West Wing. The
Grand Ballroom is scheduled for commercial operations by March 2015, while the Marriott
West Wing will be operational by 2016. Phase 3 consists of three hotels the Hilton Manila
and the Sheraton Hotel Manila, as well as an extension of Maxims Hotel. Phase 3 shall also
include a new gaming area, additional retail space and six basement parking decks. Phase 3
is estimated to be completed by 2017.