Waterfront Philippines Inc recorded a narrowed profit in the second quarter of 2020, reaching P37.6 million (US$773,086), despite community quarantine lockdown affecting casinos in the region.
The company said the beginning of Q2 was “quite a downturn” as the COVID-19 pandemic struck, severely affecting occupancy and volume of revenue for all three of its properties.
The company runs two casino hotels in Cebu, including the Waterfront Cebu City Hotel and Casino and Waterfront Mactan Casino Hotel, and one in Manila, the Waterfront Manila Hotel and Casino.
Net income fell 77.7 percent to P105.8 million in the quarter ending June 30, 2020, down from 187.9 million in the prior-year period. Revenue fell 25.9 percent to P702.7 million.