Philippines’ Newport World Resorts achieves record GGR in 2023

Jenny Ortiz April 18, 2024

Share it :

Philippines’ Newport World Resorts achieves record GGR in 2023

Newport World Resorts, an integrated resort in the Philippines, has achieved a new yearly high in gross gaming revenue (GGR) for the fiscal year 2023. The resort surpassed PHP34.2 billion (€561.3 million) in GGR, marking a significant milestone in its financial performance.

This continued growth followed a 90.3% uptick in GGR in 2022. Newport World Resorts was formerly known as Resorts World Manila.

Non-gaming sector flourishes, up by 40%

In addition to its remarkable gaming revenue, Newport World Resorts experienced substantial growth in its non-gaming income segment. Alliance Global Group (AGI), the parent company of Newport World Resorts, revealed that non-gaming income surged by an impressive 40% annually, reaching PHP7.4 billion (€121 million).

Record revenue growth across diverse business segments

Under the stewardship of billionaire tycoon Andrew Tan, AGI saw a record-breaking year in terms of revenue generation across its diversified business portfolio. The conglomerate witnessed a remarkable 20% increase in revenue, totalling PHP30.3 billion (€497 million) for the fiscal year 2023.

Optimistic outlook for 2024

As the global economy shows signs of recovery and consumer spending rebounds, AGI’s CEO Kevin Tan expressed optimism for the year ahead. Anticipating favourable policy rate cuts and easing inflation, Tan foresees improved economic conditions, stimulating demand across various sectors including housing, tourism, and leisure activities.

Despite encountering increasing expenses and market pressures, Newport World Resorts demonstrated resilience by achieving an 8% year-on-year growth in EBITDA, reaching PHP8.2 billion (€134 million). The integrated resort also reported a substantial 89% growth in net profit, reflecting the effectiveness of its strategic initiatives amidst challenging market conditions.

Philippines GGR target

In March, Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro Tengco said the agency projects sustained growth and international prominence for the Philippines’ gaming landscape, eyeing its emergence as a premier gaming jurisdiction in the Asia-Pacific region.

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details here.