HomeNewsPhilippinesPremium Leisure Corp's net earnings surge 51 percent Jan-Aug 2023 vs. 2022

Premium Leisure Corp’s net earnings surge 51 percent Jan-Aug 2023 vs. 2022

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The Philippines’ Premium Leisure Corp (PLC), an investor in City of Dreams Manila, announced that the firm has ‘achieved excellent success in the first eight months of 2023, particularly in its casino and lottery businesses’.

According to its latest update, PLC said it has recorded a strong rise in net earnings, rising 51 percent over the previous year. As a result, net income reached PHP 1.73 billion ($31 million) at the end of August, as opposed to PHP 1.14 billion ($20 million) during the same time in 2022.

PLC also mentions that its subsidiary, Premium Leisure and Amusement Inc. (PLAI), was a main contributor to the gain, as PLAI recorded a 26 percent increase in gross profits. As of August 31, 2023, PLAI’s gaming revenue share from City of Dreams Manila climbed from PHP 1.35 billion ($24 million) in 2022 to PHP 1.70 billion ($30 million).

Pacific Online Systems Corporation (POSC), another PLC subsidiary, showed a 45 percent growth this year, posting PHP 453.5 million as opposed to PHP 313.7 million the previous year. Meanwhile, Pacific Online and its lottery partner, Philippine Charity Sweepstakes Office (PCSO), announced that they will be venturing into online gaming as more and more bettors now prefer to go digital.

In a disclosure submitted to the Philippine Stock Exchange (PSE) on August 30, 2023, Pacific Online declared that “it has signed a Memorandum of Agreement (MOA) with the PCSO in connection with the latter’s implementation of a one-year trial run for a Web-Based Application Betting Platform (WABP).

Through the WABP, the PCSO aims to develop and promote more marketable, adaptable, resilient, and trendy betting platforms, taking into account the evolution of the gaming market and the advancements in technology.

The MOA will cover a trial period for the WABP for one year, subject to renewal, during which Pacific Online will be acting as PCSO’s exclusive agent and generating gross revenues equivalent to 14 percent of PCSO’s gross sales generated using the WABP.”

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