Resorts World Manila Suffers Hefty Q2 Loss in Wake of Deadly June Rampage
Posted on: August 14, 2017, 12:22h.
Last updated on: August 14, 2017, 12:23h.
Resorts World Manila operator Travellers International revealed on Monday the financial damage inflicted by the deadly actions of lone gunman Jesse Javier Carlos on June 2.
Travellers reported Q2 net losses of PHP311.2 million (US$6.1 million) for the three months leading up to June 30. That was more than a 50 percent drop compared to $12.4 million over the same period last year. Q2 net revenue fell to $88.7 million, a decline of 30.3 percent from the previous year.
Carlos’ armed rampage through Resorts World left 37 dead and resulted in the closure of the resort for 27 days.
In an interview with Bloomberg in July, Travellers International President and CEO Kingson Sian said the casino was losing more than a million dollars a day in gaming revenue while the casino was closed.
Though armed with an M-4 semiautomatic rifle, Carlos, a heavily indebted problem gambler, did not directly target the casino’s patrons. Instead, he torched gaming tables and slot machine stools.
The rampage resulted in the deaths mostly from smoke inhalation when patrons and employees found themselves trapped on the second floor above the flaming gaming tables.
Resorts World’s gaming license was temporarily suspended in the wake of the incident, as PAGCOR, the Philippine gaming regulator, denounced “serious security lapses” at the Resorts World Manila property.
The suspension was lifted on June 29, but PAGCOR warned that this did not absolve the operator from possible criminal prosecution if it is ultimately found to have been negligent.
As Travellers sought to rebuild public trust, it fired its security company and replaced them with Blackpanda, an international paramilitary outfit with experience in peacetime advisory operations to counterterrorist combat missions. Security measures have been tightened across the board with an increased number of x-ray machines monitoring entrants and the deployment of twice as many guards with firearms and metal detectors.
“We must be dynamic and aggressive to make sure that Resorts World Manila is ready for increased competition and the expanding market,” Sian said in an official statement on Monday. “Resorts World Manila remains committed in implementing necessary enhancements that ensures the safety, security and enjoyment of our customers and guests.”
Travellers said on Monday that that the resort’s second floor, which was gutted by fire, will be converted into retail space. It also plans to bring forward by six months the opening of a new gaming area in a third part of the casino.
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