Travellers seeking to offset RWM losses with insurance claims

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Travellers International Hotel Group Inc. is seeking insurance compensation for financial losses suffered when the company’s Resorts World Manila casino shut down following a June arson attack that left 38 people dead.

The company is seeking PHP721 million (~US$14.11 million) to help offset the PHP921 million (~US$18.03 million) in losses. In addition to assistance to families of those affected by the arson attack the company also suffered damage to gaming equipment and furniture in the upper casino area.

According to a report in the Manila Standard, the company’s Q2 2017 financial report indicates a desire to recoup some of its losses from insurance claims to reduce net losses from the June 2 casualty.

“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,” the Standard reports 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.”

In an August 14 press release following the company’s filing with the Philippine Stock Exchange Travellers president and chief executive officer, Kingson Sian said that the company has to be aggressive to make sure that Resorts World Manila “remains committed to implementing necessary enhancements that ensures the safety, security and enjoyment of our customers and guests.”

In keeping with that, the company said they plan to convert the second-floor casino area that was most damaged by the arson attack into retail space.

On June 2, 2017, a disgruntled gambler entered Resorts World Manila and fired shots before setting several gaming tables ablaze. Thirty-eight people died, most of them succumbed to smoke inhalation while hiding in restrooms and other places they thought to be safe from what many assumed was a terror attack. The gunman was found in a room of the hotel with a self-inflicted gunshot wound according to reports.

Travellers closed the casino immediately and the Philippine gambling regulator, Pagcor, later suspended the company’s casino license. It was reinstated on June 29.

 

 

Travellers seeking to offset RWM losses with insurance claims was last modified: August 25th, 2017 by Lars Jones