MJC Investments reports 98% drop in earnings
The promoter of Manila’s Winford Hotel and Casino is still working with PACOR to resume operations after the Covid-19 crisis.
Philippines.- MJC Investments Corp, the promoter of Manila’s Winford Hotel and Casino, has seen losses increase in the second quarter of 2020 (Q2).
The firm reported a loss of Php185.2 million (US$3.8 million) for the period, up from the Php159.3 million (US$3.2 million) in the same quarter in 2019.
The casino and resort earned Php2.1 million (US$43,189) during those three months, a 98 per cent drop on Q2 2019.
Its second-quarter loss on operating costs and expenses grew to Php150.78 million (US$3.1 million). The gaming group’s current liabilities exceeded its assets by Php229 million (US$4.7 million).
MJC Investments said: “The group has revisited its refinancing options and has an ongoing discussion with the bank and its creditors to amend the payment terms.”
The company has been reporting losses since 2017. It says it will now consider cutting costs and will focus on its ability to generate sufficient cash flows to meet obligations.
The company has been working with the Philippine Amusement and Gaming Corporation (PAGCOR), the Philippines gaming regulator, to finally resume operations now that restrictions in Manila have been eased. It said it is also investigating other business opportunities.
