InsiderPH learned on Tuesday that the company which recently experienced a dramatic management shakeup produced a record-high monthly EBITDA of P1.22 billion just 30 days after the appointment of new top executives.
“EBITDA”, of course, stands for “earnings before interest, taxes, depreciation and amortization”, and is a key financial indicator of how well a firm is managing its day-to-day operations.
The achievement means that the integrated resort founded by tycoon Andrew Tan, and now under the watchful eye of his son Kevin, is performing very well. How well? Total revenues showed a “substantial” increase to P3.8 billion, we’re told.
More importantly, this milestone EBITDA figure marks the highest monthly earnings for the company since 2012, when it was formerly known as Resorts World Manila and when it was the sole integrated resort before Entertainment City was developed.
Company insiders said this achievement reflects a resurgence in financial performance under the stewardship of its new president and CEO Nilo Rodriguez, alongside COO Lance Gautreaux.
Following the sudden "retirement" and "resignation" of its former top executives on June 1, the change in leadership has clearly revitalized Newport World Resorts' operational strategy.
The impressive financial results also mean that, this early, one can already bet on the fact that the new leadership team has set down effective management policies and a better strategic direction.
Senior Reporter
