Tiu family: Boracay closure to weigh down on resort operator Discovery World’s bottomline
Discovery World Corp., developer of the upscale beach resort Discovery Shores, said the six-month closure of Boracay Island would “have significant impact on its operations and financial condition.
“The financials are expected to significantly drop for this year, considering that operations of Discovery Shores Boracay contribute a significant majority of the corporation?s consolidated revenue,” said DWC, which is owned by the Tius.
DWC has started to refund its customer?s deposits and rebook them to a future date or rebook them to its other resort, Club Paradise Palawan.
The company also plans to downsize to a skeletal team for the upkeep and maintenance of the resort during the period.
DWC said the stoppage would allow the company to accelerate renovation and be ready for the re-opening of Boracay.
Management, however, assured that the company has enough liquid assets to sustain the closure of its resort in Boracay.
” The company is looking forward to rebound in 2019 with a significantly renovated resort, the opening of Signature Suites expansion and the opening of its new swimming pool extension,” DWC said.