Waterfront Philippines, operator of several casinos, has revealed it made a profit in Q2 despite the pandemic crisis.<\/p>\n\n\n\n\n\n\n\n
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.<\/p>\n\n\n\n
The firm, which runs\u00a0two 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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Second-quarter group revenue was down by 49.1 per cent, to just under PHP243.40 million, versus nearly PHP477.91 million in 2019.<\/p>\n\n\n\n
Quarterly cost of sales fell by 56.6 per cent to PHP134.83 million, from just under PHP310.41 million a year earlier.<\/p>\n\n\n\n
According to the company’s statement, the second quarter of the year saw \u201cquite a downturn as the Covid-19 pandemic struck, severely affecting the occupancy and volume of revenue for all three properties”.<\/p>\n\n\n\n
The group added: \u201cWith 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Waterfront Philippines, operator of several casinos, has revealed it made a profit in Q2 despite the pandemic crisis.<\/p>\n","protected":false},"author":2,"featured_media":9241,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Waterfront Philippines, a casino operator, reported a Q2 profit of PHP30.47 million despite a 46.2% year-on-year decline, primarily by housing BPO staff in its hotels during the pandemic lockdown. Group revenue fell by 49.1% to PHP243.40 million, but a 56.6% reduction in cost of sales contributed to the positive result. This demonstrates operational resilience through strategic diversification of revenue streams.","focusai_entities":"Waterfront Philippines","focusai_location":"Philippines, Cebu, Manila","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.9), investor_analyst (0.95), journalist_researcher (0.85)","focusai_suggestions":[{"label":"BPO Revenue Sustainability","query":"What is Waterfront Philippines' long-term strategy for integrating non-gaming revenue streams, such as BPO housing, into its core business model post-pandemic, and what is the projected impact on NGR diversification?"},{"label":"Gaming Vertical Recovery","query":"What are the projected timelines and key performance indicators for the recovery of traditional gaming vertical GGR and NGR for Waterfront Philippines' properties in Cebu and Manila, considering current regulatory frameworks and market demand?"}],"footnotes":""},"categories":[160,28,16333],"tags":[29,128],"class_list":["post-9239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-casino-news","category-south-east-asia-news","tag-casino","tag-philippines"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9239","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=9239"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9239\/revisions"}],"predecessor-version":[{"id":9244,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9239\/revisions\/9244"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9241"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}