LRWC gaming businesses drag down 17Q1 net income

Philippine-listed holding company Leisure and Resorts World Corporation (LRWC) saw a decline in net income in the first three months of 2017, due mainly to decreases in income of its various gaming businesses.

Net income after tax was P272.1 billion (US$5.4 billion) in 17Q1, down 5.6 percent from P288.7 billion in the prior corresponding period.

“The decline of P16.6 million is mainly due to the significant decreases in net income of TGXI, ABLE due to E-Bingo downtrend and additional site closures and FCLRC due to decrease in operational locators and declining revenue of locators,” said the company in a filing to the Phipippine Stock Exchange.

Total revenue fell to P2.5 billion in 17Q1, compared to P2.6 billion in 16Q1.

Looking ahead to the rest of 2017, LRWC says it intends to continue to focus on growing its venues network reach and depth in its retails business unit - through AB Leisure Exponent, Inc. (ABLE) and TGXI’s electronic bingo business

“ABLE plans to expand by applying for permits to open new bingo boutiques in high traffic areas around new SM and Robinson’s Malls/Supercenters as well as bingo outlets in Metro Manila and select provincial areas. TGXI will likewise expand its retail market reach by acquiring more strategically located venues and offering better games to attract more players and increase customer spent,” said the company in a statement.

The company noted its online business, FCLRC, for which it holds 69.68 percent interest, plans to “invite and qualify more licensed and operating locators within the year.”

Through its investment in Hotel Enterprises of the Philippines, Inc. (HEPI), the company also says it plans to strengthen and enhance the operations of its Midas Hotel and Casino.

More news from this jurisdiction

PhilippinesTuesday, Sep 19, 2017

Alliance Global, owner and operator of Resorts World Manila, said it is seeing signs of recovery following the casino attack in June that left 38 people dead.

PhilippinesThursday, Sep 14, 2017

Nearly all of the 45 firms licensed under the Philippine Offshore Gaming Operators (POGO) scheme will soon be required to renew their licenses should they wish to continue offering online gambling games.

PhilippinesThursday, Sep 14, 2017

GLI Asia-Pacific has become the first independent test laboratory to be accredited by PAGCOR to test and certify online gaming systems operated by holders of POGO licenses.

PhilippinesMonday, Sep 11, 2017

The privatization of casinos operated by Philippine Amusement and Gaming Corp. (Pagcor) may start as early as next year.

PhilippinesSunday, Sep 10, 2017

Melco Resorts and Entertainment (Philippines) Corp. said its board has approved the redemption of up to P8 billion (US$157.2 million) out of the outstanding P15 billion in fixed-rate corporate notes.

PhilippinesFriday, Sep 08, 2017

Former Bureau of Immigration (BI) commissioners Al Argosino and Michael Robles have withdrawn their criminal complaint filed against gaming tycoon Jack Lam.

PhilippinesThursday, Sep 07, 2017

Philippines pop-star turned government worker Esther Margaux "Mocha" Uson is being investigated for performing in casinos despite a prohibition that restricts government employees from entering gaming venues.