E-Games operator PhilWeb reported a 165 percent increase in revenue for the first half of 2018, due mainly to an increase in PhilWeb EGM outlets, and the launch of new suite of games.
Such revenue reached P172.6 million (US$3.2 million) in the period.
Dennis Valdes, president of PhilWeb said revenue increases were primarily due to two factors, the first being an increase of outlets using PhilWeb Electronic Gaming System to 54 locations, including two outlets dedicated to e-Bingo, while the second being a June launch of games using Habanero software which resulted in overall GGR growth – in both the new software and games using RealTimeGaming software.
“We are pleasantly surprised that the combination of two gaming softwares has not resulted in one cannibalizing the other, but instead, has resulted in growth for both sets of games,” said Valdes. “We intend to use this learning to continue to introduce new gaming software to our pool of customers, so that we can continue to attract new players to our e-Games outlets.”
Valdes also noted that EBITDA also turned positive in 18H1, after registering as a negative since late 2016.
“We have to thank the entire PhilWeb team,” noted Gregorio Ma. Araneta III, chairman of PhilWeb, “as they have increased revenue while decreasing expenses, which is always a powerful generator of cash flow.”
Araneta continued, “I am deeply committed to getting PhilWeb back to its former profitability levels, during which times we were able to pay out high dividends to stockholders and generate significant share price increases as well. We believe those times will come back soon, as operators gain more trust in our service quality and PAGCOR sees the consistently increasing remittances that we deliver to them for their various charitable programs.”