Financial Highlights:1

Travellers International Hotel Group, Inc. (“RWM”) was incorporated in December 17, 2003 primarily to engage in the business of hotels, restaurants, leisure parks, entertainment centers and other related businesses, which include holding investments in and operating casinos and other gaming activities as part of its main operations. RWM is the owner and operator of Resorts World Manila that combines privately-operated gaming facilities with hotel, retail, dining, entertainment and other leisure amenities.

RWM is a joint venture partnership between Alliance Global Group, Inc. (“AGI”) and Genting Hong Kong Limited (“GHK”), which are listed in the PSE and Stock Exchange of Hong Kong Limited, respectively. The joint venture includes an agreement that GHK will acquire an aggregate of 50% (direct and indirect) interests in the share capital of RWM upon the completion of the leisure and entertainment complexes. 2 The joint venture commenced on July 2008 following the RWM’s award of gaming license from Philippine Amusement and Gaming Corporation (PAGCOR) to construct and operate integrated leisure and gaming facilities on June 2, 2008. 3

Below shows the revenue mix of RWM: 4

It can be seen that the revenue of RWM is driven by its gaming revenue. RWM generates gross gaming revenue of P23,649 Million in 2016, lower than the gross gaming revenue of P24,217 Million for the full year of 2015 and of P28,377 Million for the same period in 2014.5

The revenue of Non-casino segment is composed largely of revenue from hotel, food, beverage and others. This segment includes the operations with the five-star 570-room Marriott Hotel Manila, the 172-all-suites Maxims Hotel and the mid-range 712-room Remington Hotel, Newport Entertainment Commercial Center, Newport Performing Arts Theater, and Newport Cinema.

Comparison of hotels occupancy rates in 2015 and 2016 are as follows: 6

Other Operating Income under Non-casino increased by 17.5% in 2016, is primarily consisted of income from Newport Performing Arts Theater, rental income for the mall and commercial office space rentals, income from cinema, laundry, spa and others.7

RWM holds interests in the following subsidiaries:8

As at December 31, 2016, NDI already ceased operations having capital deficiency and losses incurred since its incorporation. All other subsidiaries have not yet started commercial operations except for APEC, BLMI, FHTC, GIHRI, GSI and GVMSI that perform certain services to Resorts World Manila.

The Westside City Resorts World Inc. or formerly Resorts World Bayshore City, Inc. commenced construction of Westside City Resorts World or Bayshore City Resorts World casino in 20149 at the PAGCOR’s Entertainment City is targeted to be completed in phases starting from 2019 onwards, which was initially scheduled to open in the last quarter of 2018. 10

FHTC houses music recording, theater productions and other entertainment activities of RWM and recently, entered into a joint venture agreement with Viva Live, Inc. to form Front Row Theatre Management Inc. which started commercial operations in June 2016.

As of December 31, 2016, the Company had 54 shareholders, including nominees, holding 15,755,874,850 common shares. The top 5 Shareholders of RWM are as follows:

The table below sets forth each member of the Company’s Board and Executive Officers of RWM as of December 31, 2016:

David Chua Ming Huat was appointed as Chairman in 2008 and previously the Chief Executive Officer of RWM until 2014. He held the following positions in different companies:

  • He was the former President of Genting Hong Kong Limited (GHK) and was also a director of Norwegian Cruise Line Holdings Ltd., a company listed on the NASDAQ Global Select Market.
  • He was a director and member of the Listing Committee of the MESDAQ market of Bursa Malaysia Securities Berhad.

Kingson Uy Shiok Sian was appointed Director and President of RWM in 2008 and was promoted to Chief Executive Officer in October 2014. He has a Master’s Degree in Business Administration for Finance and Business

  • President and Director of AGI since February 2007
  • Member and Executive Director of Megaworld Corporation
  • Director and President of Forbes Town Properties & Holdings, Inc.
  • Chairman and President of Prestige Hotels & Resorts, Inc.

Andrew L. Tan was appointed a Director of RWM in 2008 has broad experience in the real estate, tourism, distillery, consumer products marketing and quick service restaurant businesses. He graduated Magna Cum Laude from the University of the East with a Bachelor of Science degree in Business Administration and was conferred by the University of the East the Degree of Doctor of Humanities, Honoris Causa in 2011. He previously and currently held the following positions in different companies:

  • Chairman and CEO of AGI, Global-Estate Resorts, Inc. and Megaworld Corporation
  • Chairman of Empire East Land Holdings, Inc., Suntrust Properties, Inc., Emperador Distillers, Inc., Alliance Global Brands, Inc. and Megaworld Foundation, Inc.
  • Vice Chairman and Treasurer of Golden Arches Development Corporation and Golden Arches Realty Corporation

Stephen James Reilly has served as the Chief Operating Officer of RWM since January 1, 2013 and as Executive Vice President of the Company since November 2011.

  • He has also served as Country Head (Philippines) and Senior Vice President of GHK Group beginning in November 2011 and was responsible for the regional operating headquarters and GHK Group support services.
  • Prior to joining the Company, Mr. Reilly had ten years of experience working in the United Kingdom, where he held the positions of Chief Security Officer and Surveillance Officer at the Regency and Barracuda Casinos, responsible for the security and surveillance of gaming operations.

Bernard Than Boon Teong is the Chief Financial Officer and Treasurer of the Company.

  • He has over 18 years of working experience in external audit, hospitality industry and casino/ gaming/ cruise line industries.
  • He held various positions throughout his career with Star Cruises from 1997 to 2008, starting as Accountant before being promoted to Assistant Controller, Controller, Director, then to AVP.
  • He was responsible for introducing a Computerized Tracking Program for the calculation of VIP players, level of gaming, and calculation of commission.

Emmanuel C. Paras is the Corporate Secretary of RWM and a partner at Sycip, Salazar, Hernandez & Gatmaitan Law Offices. He obtained solid experience in real estate, mergers and acquisitions, securities regulation, foreign investments, joint ventures, corporate restructuring and reorganization, and commercial law and a member of the Chamber of Real Estate and Builder’s Association, Inc., the Philippine Association of Realty Appraisers, Inc., the Legal Management Council of the Philippines and the Philippine Bar Association.

 Family Relationships

There are no family relationships between any Directors and any members of RWM’s senior management as of December 31, 2016.

Dividend Policy11

RWM intends to maintain an annual cash and/or share dividend pay-out of up to 20% of its net profit from the preceding year.

Maturing Debt13

RWM has a $300 Million bond maturing in November 2017 that is 46.961% of the Total Liabilities. The bond is equivalent to PHP14.0 billion and P14.9 billion as at December 31, 2015 and 2016, respectively. The 6.2% increase in peso equivalent of the bond contributed to the 14.19% increase in Total Liabilities due to the weaker Philippine currency. Arrangements are being made to fund the bond with peso-denominated loan facilities.

RWM Developments14

RWM is currently developing several new hotels and other gaming and non-gaming attractions at RWM.

RWM’s Phase 2 was completed with the opening of the Marriott West Wing, an expansion of the Marriott Hotel Manila, in November 2016. Marriott Grand Ballroom, which was recently granted a full occupancy permit by the Philippine Economic Zone Authority (PEZA), formally opened its doors to the public in March 2015.

RWM’s Phase 3 consists of three luxury hotels: Sheraton Manila Hotel, Hilton Manila and Maxims II. Phase 3 shall also include a new gaming area, additional retail space and six basement parking decks. Construction of the three hotels is ongoing and the same is projected to be completed by 2018. These three hotels will increase both gaming and non-gaming facilities.

RWM planned to start the development of phase 4, the last phase of Resorts World Manila in 2017. Phase 4 would involve the construction at least 1,000 hotel rooms and 20,000 square meters of retail space.  Once all phases were completed, Resorts World would have over 5,000 hotel rooms and 40,000 square meters of retail space. 15

Most Recent Event16

On June 9, 2017, PAGCOR released an order suspending the RWM’s Provisional License due to the tragic incident happened in Resorts World Manila last June 2, 2017. Suspension will last until the investigation on the related liability is ongoing.

In the meantime, the non-gaming areas that are not affected by the PAGCOR suspension Order are the Remington Hotel, Star Cruises Center, Marriott Hotel and Marriott Grand Ballroom. The Newport Mall, Cinema and Newport Performing Arts Theatre are targeted to resume operations on June 15, 2017.

On June 29, 2017, PAGCOR lifted the suspension order on the gaming license of Resorts World Manila after their presentation of its Casino Security Protective Action Plans to PAGCOR. The gaming operations on the ground and third floors will resume while the second floor will no longer be used for gaming operations and will be utilized for other non-gaming purposes instead.17

Key considerations

  • The tragic incident happened in Resorts World Manila last June 2, 2017 in June 2, 2017 caused a decrease in market capitalization of RWM by 7.94% from May 31, 2017 to June 2, 2017. As of June 29, 2017, market capitalization is back at P53,728 Million.18
  • PAGCOR ordered suspension of RWM’s casino operations which is 86% of the Total Revenue in 2016 that was restored last June 29, 2017.
  • The Remington Hotel and Marriott Hotel that are not affected by PAGCOR order of suspension had 88% and 81% occupancy rate in 2016, respectively. Also, included in the non-gaming areas that are not affected by the PAGCOR suspension Order are the Marriott Grand Ballroom and the newly opened 228 rooms in Marriott West Wing, an extension of Marriott Hotel Manila, that are largely contributed to the 21.8% increase in revenue from Hotel, Food and Beverage, and others in the 1st Quarter of 2017.19
  • RWM has maturing dollar bond at the end of the year and are being refinanced using peso-denominated facilities. As at June 30, 2017, the Philippine peso–US dollar exchange rate settled at P50.46.20
  • Due to the Supreme Court decision in 2016, PAGCOR is ordering its Entertainment City licensees, includes RWM, to immediately restore the 10% license fee cut that was temporarily granted in 2014. This will increase the Government’s share on gross gaming income from non-high roller tables, slot machines and electronic gaming machines from 15% to 25% and on the gross gaming revenues from high roller tables and junket operations from 5% to 15%.21 



    1. RWM SEC 17-A 2015 & 2016,
    2. Genting Hong Kong Limited Annual Report 2009, p. 41
    3. RWM SEC 17-A 2016, p. 4
    4. RWM SEC 17-A 2016, p. 96
    5. RWM SEC 17-A 2016, p. 15
    6. RWM SEC 17-A 2016, p. 16 & 19
    7. RWM SEC 17-A 2016, p. 16
    8. RWM SEC 17-A 2016, p. 5
    9. Travellers-owned RWBCI Groundbreaks Bayshore City Resorts World Project,
    10. Resorts World Manila operator sets P8-B budget for expansion,
    11. RWM SEC 17-A 2016, p. 14
    12. RWM SEC 17-C 2017 Declaration of Cash Dividend,
    13. RWM SEC 17-C 2017 Clarification of News,
    14. RWM SEC 17-A 2016, p. 7
    15. Travellers to Invest P10b,
    16. RWM SEC 17-C 2017 Reply to Exchange’s Query,
    17. Resorts World Manila reopens gaming area,
    18. RWM Stock Data,
    19. RWM SEC 17-Q 2017, p. 44
    20. BSP Exchange Rate Bulletin,
    21. Pagcor Orders 4 Casinos to Pay Higher License Fees,



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