Leisure and Resorts World profit down 70 pct

The Philippines-based company posted a 69.7 per cent net income decrease during the first quarter of 2018.

Philippines.- The first quarter of 2018 probably wasn’t what Leisure and Resorts World Corp expected as it posted consolidated net income of ‎€1.33 million, a year-on-year decline of 69.7 per cent. According to the Philippines-based company, its performance was affected by “divestment from the City of Dreams Manila project interest amounting to (€2.8 million)” and by “pre-operating expenses of our project in Boracay amounting to €243,000”.

However, in a filing to the Philippine Stock Exchange, Leisure also reported group-wide gross gaming revenue of €62.5 million for the period, two per cent higher year-on-year.

The company said that its finances for the period were also impacted by changes in the operating environment for its subsidiary First Cagayan Leisure and Resorts Corp. First Cagayan generated €2.1 million in gross revenues for the first quarter of 2018, representing a 1.1 per cent year-on-year decrease.

“Going forward, First Cagayan’s revenues will continue to be affected by Pagcor’s adoption of the Rules and Regulations for Philippine Offshore Gaming Operations (POGO) last September 2016,” they explained.

In addition, Leisure and Resorts World Corp. revealed its full-year 2017 results, posting a gross revenue 14.1 per cent year-on-year decrease to €242 million and a major consolidated net income drop from €29.48 million to €6.97 million.