{"id":30111,"date":"2022-05-25T02:19:10","date_gmt":"2022-05-25T05:19:10","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=30111"},"modified":"2026-04-23T08:27:05","modified_gmt":"2026-04-23T11:27:05","slug":"lrwc-posts-net-loss-of-us4-2m-for-q1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/lrwc-posts-net-loss-of-us4-2m-for-q1","title":{"rendered":"LRWC posts net loss of US$4.2m for Q1"},"content":{"rendered":"\n

Gross gaming revenue declined 1.4 per cent year-on-year for the first quarter of the year.<\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0Leisure & Resorts World Corp\u00a0<\/strong>(LRWC) has shared its financial results for the first quarter of the year. It’s 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.<\/p>\n\n\n\n

The company reported negative earnings before interest, taxation, depreciation and amortisation\u00a0(EBITDA) of PHP151.1m<\/strong>. In the prior-year period, it had reported a positive EBITDA of PHP13.3m.<\/p>\n\n\n\n

LRWC’s direct expenses rose 17.8 per cent year-on-year to nearly PHP902.8m. This was mainly due to the payment of guaranteed minimum stakes to the country\u2019s casino regulator, the Philippine Amusement and Gaming Corporation (PAGCOR).\u00a0<\/p>\n\n\n\n

The company added that these expenses were related to\u00a0its new bingo offerings<\/a>\u00a0and the increased workforce due to the reopening of locations in its casino and retail segments. Gross gaming revenue <\/strong>in the first quarter fell 1.4 per cent year-on-year to PHP929m.<\/p>\n\n\n\n

LRWC said its financial position remained solid. It said that as the Philippine economy recovers from the Covid-19 pandemic, the company’s new products are becoming increasingly popular in the market and that it expects increased player traffic in the coming quarters.<\/p>\n\n\n\n

In March, the company issued a total of 1.27 billion common shares<\/a> at an issue price of Php1.65 per share. LRWC raised nearly PHP2.10bn (US$40.3m) to continue developing its online platform<\/strong>. It also financed operational and capital expenditures and lowered the company\u2019s overall debts by paying off some loans.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gross gaming revenue declined 1.4 per cent year-on-year for the first quarter of the year.<\/p>\n","protected":false},"author":176,"featured_media":9219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Leisure & Resorts World Corp (LRWC) reported a Q1 net loss of PHP222.4m and a 1.4% GGR decline, primarily due to increased operational costs post-COVID reopening and significant payments to PAGCOR. Despite the financial downturn, LRWC successfully raised PHP2.10bn through a common share issuance to fund online platform development, operational expenditures, and debt reduction, anticipating market recovery and increased player traffic.","focusai_entities":"Leisure & Resorts World Corp, LRWC, Philippine Amusement and Gaming Corporation, PAGCOR","focusai_location":"The Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (0.9), product_ux (0.7), tech_data (0.7), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"EBITDA Recovery Timeline?","query":"What is LRWC's projected timeline for achieving positive EBITDA given the current operational cost structure and anticipated player traffic?"},{"label":"Online Platform Strategy?","query":"How will the newly raised capital specifically accelerate the online platform's market penetration and competitive positioning against existing digital offerings?"}],"footnotes":""},"categories":[157,16333],"tags":[3857],"class_list":["post-30111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-lrwc"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=30111"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30111\/revisions"}],"predecessor-version":[{"id":30148,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30111\/revisions\/30148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9219"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=30111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=30111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=30111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}