Travelers International, which operates Resorts World Manila, is now much closer to running the company privately. In a public statement on the Philippine Stock Exchange (PSE), the group announced that their shares will no longer be available for trading from October 21.
Traveler-International Announcement – October 21 – The listed Rappler was announced after the public agreed to voluntarily abolish the listing at its october 9th meeting, which came on October 14.
The Resorts World Manila operator originally announced in August that it would take the company privately and would buy back 1.58 billion shares at P11 ($0.21) each to meet its goals. However, at one point they decided to offer only P5.50 ($0.11), bowling their shareholders a little lower.
Travellers have said that the reason for keeping the company private is to allow for more flexible and faster response times for the changing gambling industry in the Philippines. But that’s not all, because the company has struggled to maintain a minimum public floating 10%, which is why it has struggled to maintain the percentage of companies that the public should own.
All of these factors may play a role in how much money Resorts World Manila can get in the near future, but it will not affect the success of the casino in the short term. According to this year’s financial report, the growing Manila casino industry has raised all boats, and Resorts World is doing well on its own in the first quarter of 2019. Total gaming revenue increased 53.8% in Q1 2019, and Travelers overall declined revenue.
They are the only operators who have recently decided to make themselves an individual. Melco Resorts decided to list in July 2019. They also said they did not maintain 10% of the public cart, but wanted to go private. Considering which operator’s casinos don’t do it properly, they should be good as private companies.