Consolidated revenue rose 250 per cent year-on-year to PHP1.7bn.
The Philippines.- Leisure & Resorts World Corp (LRWC) has shared its financial results for the second quarter of the year. It’s reported PHP105m (US$1.87m) in EBITDA, up 216 per cent from an EBITDA loss of PHP90m in Q2 2021.
The company attributed the growth in EBITDA to the resumption of the majority of its site operations and the launch of its technology platform. LRWC revenue was up 250 per cent to PHP1.7bn, resulting in PHP349m in gross profit.
Andy Tsui, LRWC president and CEO, said: “The second quarter’s positive EBITDA is a clear signal that the Company is on its track in realizing net profitability for 2022 assuming there are no further operational restrictions for the rest of the year.”
For the first quarter of the year, the company reported a net loss of PHP222.4m (US$4.2m), mainly due to an increase in its costs after resuming its operations following the relaxation of Covid-19 countermeasures.
In January, it launched the first online bingo offering in the Philippines after the Philippine Amusement and Gaming Corp nd Gaming Corp (PAGCOR) approved LRWC’s AB Leisure division’s request to begin operations as an electronic games system service provider in September.
Philippines GGR up 144% for Q2
Authorities in The Philippines have reported that gross gaming revenue in the second quarter of the year came in at PHP45.89bn (US$824.2m). That’s a rise of was up 40.1 per cent quarter-on-quarter and 144 per cent year-on-year.
The increase in revenue was attributed to the easing of Covid-19 restrictions as many casinos in the Philippines resumed full operations in March. Manila’s Entertainment City casino resorts generated PHP37.01bn in GGR, accounting for 80.6 per cent of all GGR. The figure was up 37.6 per cent quarter-on-quarter and up 152.3 per cent when compared to last year.
Casinos in the Clark Freeport Zone generated PHP4.75bn GGR, up from PHP3.01bn in the first quarter. PAGCOR-operated casinos reported aggregate revenue (excluding in-house bingo- was PHP3.79bn, up 45.4 per cent quarter-on-quarter.