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Resorts World Manila reports Heavy losses, following the Deadly June Attack

Resorts World Manila reports Heavy losses following the Deadly June Attack


The owner and operator of Resorts World Manila, Travellers International Hotel Group Inc., has reported a net loss of PHP312.09 million (US$6.1 million) for its second quarter leading up to June 30 of 2017. The casino’s door remained shut for 27 days after the arson attack that resulted in the death of 37 people.

Travellers Group, filed with the Philippine Stock Exchange (PSE) reported a net loss in income of PHP638.2m ($12.4 million) as compared to the same period last year. The gross gaming revenue fell by around 21.68% over the first two quarters.

The attack, which was initially claimed by the terror group was soon discovered to be a case of robbery by a lone gunman, gone wrong. The attacker fired shots and set fire to the gaming tables, resulting in the death of 38 people, including the gunman.

The casino closed following the bloodshed, where a more than three dozens of people died, due to asphyxiation. The gaming regulator in the country, Pagcor suspended the casino’s gaming license on June 9, due to the lapses and deficiency in security. However, the casino’s licence was reinstated on 29th June; the economic damage was already done. The closing of the gaming facilities cost the company PHP60 million every day.

The second floor of the casino, where the incident occurred would no longer be used as a gaming space and would be converted to retail in the third phase of the development of Resorts World.