{"id":9173,"date":"2020-08-19T22:43:21","date_gmt":"2020-08-19T22:43:21","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=9173"},"modified":"2026-04-24T02:36:06","modified_gmt":"2026-04-24T05:36:06","slug":"mjc-investments-reports-98-drop-in-earnings","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/mjc-investments-reports-98-drop-in-earnings","title":{"rendered":"MJC Investments reports 98% drop in earnings"},"content":{"rendered":"\n<p>The promoter of Manila\u2019s Winford Hotel and Casino is still working with PACOR to resume operations after the Covid-19 crisis.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Philippines.- MJC Investments Corp, the promoter of Manila\u2019s Winford Hotel and Casino, has seen losses increase in the second quarter of 2020 (Q2).<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The casino and resort earned Php2.1 million (US$43,189) during those three months, a 98 per cent drop on Q2 2019.<\/p>\n\n\n\n<p>Its second-quarter loss on operating costs and expenses grew to Php150.78 million (US$3.1 million). The gaming group\u2019s current liabilities exceeded its assets by Php229 million (US$4.7 million).<\/p>\n\n\n\n<p>MJC Investments said: \u201cThe group has revisited its refinancing options and has an ongoing discussion with the bank and its creditors to amend the payment terms.\u201d<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The company has been working with the <strong><em>Philippine Amusement and Gaming Corporation<\/em><\/strong> (PAGCOR), the Philippines gaming regulator, to finally resume operations now that <strong><em><a href=\"https:\/\/focusgn.com\/asia-pacific\/philippines-eases-restrictions-in-metro-manila\" target=\"_blank\" rel=\"noreferrer noopener\">restrictions in Manila have been eased<\/a><\/em><\/strong>. It said it is also investigating other business opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The promoter of Manila\u2019s Winford Hotel and Casino is still working with PACOR to resume operations after the Covid-19 crisis.<\/p>\n","protected":false},"author":2,"featured_media":9176,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"MJC Investments Corp, promoter of Manila's Winford Hotel and Casino, reported increased Q2 2020 losses of Php185.2 million, with gaming revenue plummeting 98% due to the COVID-19 crisis. The firm's liabilities now exceed assets, prompting refinancing discussions with creditors and a focus on cost-cutting and cash flow generation. Operations are pending resumption in collaboration with PAGCOR as Manila's restrictions ease.","focusai_entities":"MJC Investments Corp, Winford Hotel and Casino, Philippine Amusement and Gaming Corporation, PAGCOR","focusai_location":"Manila, Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Refinancing Strategy Impact","query":"What specific amendments to payment terms are MJC Investments Corp seeking from its banks and creditors, and what is the projected timeline for securing these refinancing options?"},{"label":"Operational Resumption Outlook","query":"Beyond the easing of restrictions, what specific regulatory compliance milestones or operational readiness criteria must Winford Hotel and Casino meet to secure final approval from PAGCOR for full operational resumption?"}],"footnotes":""},"categories":[163,16333],"tags":[128],"class_list":["post-9173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-philippines"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9173","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=9173"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9173\/revisions"}],"predecessor-version":[{"id":777039821,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9173\/revisions\/777039821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9176"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}