Waterfront casino operator profits despite crisis

Waterfront Philippines, operator of several casinos, has revealed it made a profit in Q2 despite the pandemic crisis.

Philippines.- Casino operator Waterfront Philippines has revealed it has made a profit despite the Covid-19 pandemic crisis during the second quarter of the year.

The firm, which runs two casino hotels in the holiday province of Cebu and one in Manila, said that during lockdown its hotels were housing staff working for call centers, which it says helped generate the positive results.

Second-quarter profit for Waterfront Philippines was PHP30.47 million (US$626,551) for the three months to June 30, versus PHP56.61 million in the same quarter in 2019, an year-on-year decline of 46.2 per cent.

Second-quarter group revenue was down by 49.1 per cent, to just under PHP243.40 million, versus nearly PHP477.91 million in 2019.

Quarterly cost of sales fell by 56.6 per cent to PHP134.83 million, from just under PHP310.41 million a year earlier.

According to the company’s statement, the second quarter of the year saw “quite a downturn as the Covid-19 pandemic struck, severely affecting the occupancy and volume of revenue for all three properties”.

The group added: “With most of the country at a standstill, the properties still managed to gain revenue from BPO [business process outsourcing] companies who were the primary clientele being housed by the three properties.”