Travellers International Hotel Group Inc., a company led by tycoon Andrew Tan, is seeking P721 million in insurance claims to help cover P921 million worth of losses from the June 2 deadly attack on Resorts World Manila.
The P921-million losses included assistance to affected families and losses due to physical damage on a portion of its property including gaming furniture and equipment in the casino area.
The company said in its second-quarter financial statement it was expecting to recover a significant portion of the losses from issuance claims.
TIHGI said of the P921-million total losses, it booked P721 million in receivables from insurance claims, reducing net losses from casualty to P158.8 million.
“As opined by external counsel, based on the reports from the insurer’s adjusters, and taking into consideration the reports of the pertinent government agencies, there is strong legal ground to believe that the claim related to the June 2 incident will not be disallowed,” TIHGI said.
“In addition, the company has also assessed and determined that the recovery of the foregoing losses arising from insurance claims is highly probable and virtually certain from the respective third party insurance companies,” it said.
A lone gunman entered Resorts World Manila on June 2, fired his assault rifle and set ablaze gaming furniture and equipment in the casino which resulted in physical damage on a portion of the company’s properties.
TIGHI said the gunman forcibly entered the casino area with a clear motive to rob and started fire as a diversionary tactic. The smoke from the fire caused the death of 36 employees and guests.
Aside from the losses, the June 2 incident also led to the closure of the casino and portions of the non-gaming area of Resorts World Manila for 27 days.
TIGHI said net income in the first half fell 79.2 percent to P373 million from P1.79 billion a year ago, as gaming revenues declined 21.7 percent to P9.24 billion.