PAGCOR approves LRWC electronic games system service
Leisure & Resorts World Corp (LRWC) has been granted permission to operate as an electronic games system service provider with its Total Gamezone Xtreme brand.
The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has announced the approval of LRWC’s request to begin operations as an electronic games system service provider.
The company’s Total Gamezone Xtreme unit has launched its own electronic gaming system and remote gaming platform. The platform is accessible to all registered players of TGXI and offers a variety of games.
LRWC is looking to resume its partnership with Galaxy Entertainment Group Ltd about a possible casino development on Boracay. Alfredo Abelardo Benitez, LRWC director, plans to revive talks with the Macau casino operator.
An original project was announced in December 2017, after LRWC bought the parcels of land in Boracay for US$500m. However, Duterte then closed the island destination to tourism due to concerns for the environment. He said that the increased number of visitors on the island was turning Boracay into a “cesspool.”
LRWC dropped its plan for a casino on its 23-hectare property in Boracay leaving Galaxy Entertainment as a sole investor. However, a few weeks ago Duterte said his country needs income to recover from the Covid-19 pandemic.
LRWC profits down 54% in Q2
The company 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.
