LRWC profits down 54% in Q2
LRWC has shared its financial results for the second quarter of the year, reporting gross profits of PHP171.74m, down 54 per cent when compared to the first quarter.
The Philippines.- Leisure & Resorts World Corp (LRWC) has revealed financial results for the second quarter of the year reporting a 54 per cent quarterly decrease in gross profits from PHP380.36m to PHP171.74m.
However, the figure was up 85 per cent year-on-year due to “growth in gross gaming revenue especially for the casino and retail segment.”
For Blue Chip Gaming and Gold Coast Leisure properties, LRWC reported casino gross profit of PHP122.8m, down 28 per cent when compared to the previous quarter. Casino turnover was PHP2.2bn, down from PHP3.3bn.
Due to community lockdown measures, the company didn’t register junket income for the second quarter. The online segment for LRWC generated PHP140.16m, down 20 per cent from the first quarter.
The Philippines extends ban on arrivals from 10 countries
The Philippines government has extended its ban on arrivals from 10 countries until the end of August due to the Covid-19 Delta variant. The 10 countries affected are Malaysia, India, Sri Lanka, Bangladesh, Nepal, Thailand, Oman, Pakistan, Indonesia and the United Arab Emirates.
Some casinos decided to close from August 6 to August 20 following the guidelines from the Philippine government and PAGCOR.
Only 10 per cent of the population has been fully vaccinated and hospitals in Manila are nearing full capacity. Current restrictions in Manila are expected to be extended.
