{"id":32670,"date":"2022-08-16T03:53:32","date_gmt":"2022-08-16T06:53:32","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32670"},"modified":"2026-04-23T05:51:52","modified_gmt":"2026-04-23T08:51:52","slug":"lrwc-posts-positive-ebitda-of-us1-87m-for-q2","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/lrwc-posts-positive-ebitda-of-us1-87m-for-q2","title":{"rendered":"LRWC posts positive EBITDA of US$1.87m for Q2"},"content":{"rendered":"\n<p>Consolidated revenue rose 250 per cent year-on-year to PHP1.7bn.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The Philippines.-\u00a0<strong>Leisure &amp; Resorts World Corp\u00a0<\/strong>(LRWC) has shared its financial results for the second quarter of the year. It&#8217;s reported PHP105m (US$1.87m) in EBITDA, up 216 per cent from an EBITDA loss of PHP90m in Q2 2021.<\/p>\n\n\n\n<p>The company attributed the growth in EBITDA to the resumption of the majority of its site operations and the launch of its technology platform. LRWC revenue was up 250 per cent to PHP1.7bn, resulting in PHP349m in gross profit.\u00a0<\/p>\n\n\n\n<p>Andy Tsui, LRWC president and CEO, said: &#8220;The second quarter\u2019s positive EBITDA is a clear signal that the Company is on its track in realizing net profitability for 2022 assuming there are no further operational restrictions for the rest of the year.&#8221;<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/lrwc-posts-net-loss-of-us4-2m-for-q1\" target=\"_blank\">For the first quarter of the year<\/a>, the company 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<p>In January, it launched the first online bingo offering in the Philippines after the\u00a0<strong>Philippine Amusement and Gaming Corp<\/strong>\u00a0<strong>nd Gaming Corp (PAGCOR)\u00a0<\/strong>approved\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/pagcor-approves-lrwc-electronic-games-system-servicehttps:\/\/focusgn.com\/asia-pacific\/pagcor-approves-lrwc-electronic-games-system-service\" target=\"_blank\">LRWC\u2019s AB Leisure division\u2019s request<\/a>\u00a0to begin operations as an electronic games system service provider in September.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Philippines GGR up 144% for Q2<\/h2>\n\n\n\n<p>Authorities in The Philippines have reported that gross gaming revenue in the second quarter of the year came in at PHP45.89bn (US$824.2m). That\u2019s a rise of was up 40.1 per cent\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/philippines-ggr-up-14-8-for-q1\" target=\"_blank\">quarter-on-quarter<\/a>\u00a0and 144 per cent year-on-year.<\/p>\n\n\n\n<p>The increase in revenue was attributed to the&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/manila-to-ease-covid-19-restrictions-from-tomorrow\" rel=\"noreferrer noopener\">easing of Covid-19 restrictions<\/a>&nbsp;as many casinos in the Philippines resumed full operations in March. Manila\u2019s<strong>&nbsp;Entertainment City&nbsp;<\/strong>casino resorts generated PHP37.01bn in GGR, accounting for 80.6 per cent of all GGR. The figure was up 37.6 per cent quarter-on-quarter and up 152.3 per cent when compared to last year.<\/p>\n\n\n\n<p><strong>Casinos in the Clark Freeport Zone<\/strong>&nbsp;generated PHP4.75bn GGR, up from PHP3.01bn in the first quarter. PAGCOR-operated casinos reported aggregate revenue (excluding in-house bingo- was PHP3.79bn, up 45.4 per cent quarter-on-quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consolidated revenue rose 250 per cent year-on-year to PHP1.7bn.<\/p>\n","protected":false},"author":176,"featured_media":16856,"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 significant Q2 2022 financial turnaround, with consolidated revenue up 250% year-on-year to PHP1.7bn and positive EBITDA of PHP105m, driven by operational resumptions and its new online bingo platform. Concurrently, the broader Philippine iGaming market demonstrated robust recovery, with Q2 GGR surging 144% year-on-year to PHP45.89bn, primarily due to the easing of COVID-19 restrictions and full casino operations. This indicates a strong rebound in the regulated Philippine gaming sector.","focusai_entities":"Leisure & Resorts World Corp (LRWC), Andy Tsui, Philippine Amusement and Gaming Corp (PAGCOR), AB Leisure","focusai_location":"Philippines, Manila, Clark Freeport Zone","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), 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":"LRWC Profitability Outlook","query":"What specific operational efficiencies or new revenue streams, beyond the initial post-COVID recovery and online bingo launch, are projected to sustain LRWC's net profitability trajectory into H2 2022 and beyond, mitigating potential cost increases?"},{"label":"Philippines GGR Drivers","query":"Beyond the easing of COVID-19 restrictions, what specific policy changes, infrastructure developments, or shifts in consumer behavior are contributing to the robust GGR growth in Entertainment City and Clark Freeport Zone, and are these trends sustainable?"}],"footnotes":""},"categories":[163,158,16333],"tags":[3857],"class_list":["post-32670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-slider-home","category-south-east-asia-news","tag-lrwc"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32670","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=32670"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32670\/revisions"}],"predecessor-version":[{"id":32692,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32670\/revisions\/32692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16856"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}