Andrew Tan casino resort suffers loss due to RWM attack, temporary closure

Travellers International Hotel Group, owner and operator of Resorts World Manila, incurred a net loss of P311.2 million in the second quarter, a reversal of the P638.1 million profit reported a year ago.

The decline was due to the closure of the casino following the June 2 attack that led to 38 fatalities. The gaming area was closed for 27 days while portions of the non-gaming segment closed for 14 days.

This brought Travellers? first semester net earnings to P374.8 million, down 79.2 percent year on year.

Net revenues in April to June fell 30.3 percent to P4.55 billion due to a drop in overall hotel occupancy rates. Six-month revenues declined 16.8 percent to P10. 37 billion.

Gross gaming revenue slumped 36 percent for the second quarter to P4 billion.

Revenue from hotel, food, beverage and others amounted to P643.8 million, up from P575.1 million a year ago.

By the end of the first half, all three hotels (Maxims, Marriott, and Remington) registered occupancy rates averaging 80 percent.

Japan yen intervention cost estimated $20.8 billion

The Japanese government’s intervention to bolster the national currency last week cost an estimated three trillion yen ($20.8 billion), a new record, the Nikkei business daily and other local media said Monday.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.