Leisure & Resorts World Q1 profit drops 19% on lockdown

LRWC

Leisure & Resorts World Corp, which operates bingo parlours and online gaming in the Philippines, reported a drop of 18.9 percent in gross profit in the first quarter, due to Covid-19 mandated lockdowns.

Gross profit fell by 18.9 percent to P173.1 million ($3.4 million)  as gross gaming revenue dropped across all of its business segments. 

Gross gaming revenue from junket operations recorded a decline of 54.8 percent to P11.3 billion, with the drop exacerbated by a lower win rate of 3.1 percent compared with 3.6 percent. 

Blue Chip Gaming and Leisure, which operates slot arcades and its GCLWC unit saw GGR fall 8.5 percent to P40 million, while online operations from First Cagayan Leisure and Resorts Corp reported a drop of 29 percent to P79.8 million. The decline came from non-renewal of Cagayan Economic Zone Authority licensees and lower revenue from existing licensees.