The first quarter of the year remained challenging for Philippine integrated gaming resort operator Travellers International Hotel Group as it reported a 41-percent drop in net income.

In a disclosure to the Philippine Stock Exchange, Travellers announced that its net income shrank to PHP685.97 million (US$13.78 million) during the first three months of the year compared to the PHP1.16 billion (US$23.3 million) it booked during the same period last year.

Traveller’s VIP business segment continues its downward trajectory as reflected in the casino operator’s gross gaming revenue (GGR), dropping 5.36 percent to PHP5.3 billion (US$106.46 million) during the period against last year’s PHP5.6 billion (US$112.48 million) first quarter GGR.

Its EBITDA was steady at PHP1.4 billion (US$28.12 million), according to the casino operator.