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HomeNewsPhilippinesPremium Leisure Corp sees 49 percent increase in net income in 2Q23

Premium Leisure Corp sees 49 percent increase in net income in 2Q23

Sizeable topline growth helped trigger upward momentum in the net income of Philippines-headquartered integrated resort, casino, and lottery company Premium Leisure Corp (PLC) in the first half of 2023.

The company highlights an increase in its casino and lottery businesses, reporting a net income of PHP1.25 billion ($23 million) in 2Q23, from PHP836.9 million($15.3 million) in the same quarter of 2022, up 49 percent yearly.  

Their fully-owned subsidiary, Premium Leisure and Amusement Inc.(PLAI), saw an increase of 28 percent year-on-year in gross income, reaching PHP1.24 billion ($23 million), as opposed to PHP970.5 million ($217.8 million) in 2Q22, for its portion of gaming revenue from City of Dreams Manila.

PLC also reported that majority owned subsidiary Pacific Online Systems Corp. (POSC), recorded a year-on-year gross income increase of 57 percent amounting to PHP343.4 million ($6.3 million) in 2Q23, from PHP218.8 million ($4.01 million) the previous year. 

Operating EBITDA for the period is PHP1.28 billion ($23 million), up 35 percent from PHP946.8 million ($17.4 million) from the previous year.

PLC is primarily involved in acquisitions and investments. In June 2014, the company repositioned itself as a gaming-focused investment company through the acquisition of PLAI, and a 50.1 percent stake in POSC from PLC parent company, Belle Corporation.

PLAI is also known as a co-licensee in City of Dreams Manila, the integrated resort and casino project within Entertainment City, and has a share in the revenues of the project.

AGBrief Editorial
AGBrief Editorialhttps://agbrief.com/about-asia-gaming-brief/
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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