• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Casino hotel op Waterfront has 2Q profit despite pandemic

Aug 21, 2020 Newsdesk Latest News, Philippines, Top of the deck  


Casino hotel op Waterfront has 2Q profit despite pandemic

Waterfront Philippines Inc, which promotes several casino hotels in that country, says it actually made a profit – albeit reduced – in the second quarter, despite Covid-19.

The firm runs two casino hotels in the holiday province of Cebu, and one in Manila.

During the period, its hotels were housing staff working for Philippine call-centre companies, the group said in management commentary, citing it as a positive factor for the business.

It did not clarify whether that fact was linked specifically to Covid-19 lockdowns in that nation, which at times in places had prevented citizens commuting daily to normal places of work.

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 percent.

Second-quarter group revenue was down by 49.1 percent, to just under PHP243.40 million, versus nearly PHP477.91 million a year earlier.

But quarterly cost of sales moderated by 56.6 percent, to PHP134.83 million, from just under PHP310.41 million a year earlier.

The three months to June 30 had seen “quite a downturn as the Covid-19 pandemic struck, severely affecting the occupancy and volume of revenue for all three properties,” said the firm.

It was understood to be referring to the two venues with gaming capacity – Waterfront Cebu City Casino Hotel (pictured); and Waterfront Mactan Casino Hotel, both in Cebu – and non-gaming property Waterfront Insular Hotel Davao.

The group’s management further noted on its commentary regarding the second quarter: “With 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.”

The company also controls casino property Manila Pavilion Hotel, in Metro Manila. The latter is currently undergoing “reconstruction and restoration” following a fire in 2018.


  • tweet
Related articles
  • GEN Singapore posts US$29mln 1Q profit, up sequentially
    GEN Singapore posts US$29mln 1Q...

    May 12, 2022  

  • Casino firm Paradise Co slips to negative EBITDA in 1Q
    Casino firm Paradise Co slips to...

    May 12, 2022  

More news
  • Tweaks to Macau gaming law keep cross-stake status quo
    Tweaks to Macau gaming law keep...

    May 17, 2022  

  • Alleged bribe offer to ex-Wynn manager probed by HK, Macau
    Alleged bribe offer to ex-Wynn manager...

    May 17, 2022  


Latest News

Tweaks to Macau gaming law keep cross-stake status quo

Tweaks to Macau gaming law keep cross-stake status quo

May 17, 2022  

The Macau government is willing to keep the current ‘status quo’ in terms of cross-shareholding in gaming operators, scrapping a previous proposal that would prevent any shareholder with a stake...
Read More
Alleged bribe offer to ex-Wynn manager probed by HK, Macau

Alleged bribe offer to ex-Wynn manager probed by HK, Macau

May 17, 2022  

Macau ops share junket deposit liability: Macau top court

Macau ops share junket deposit liability: Macau top court

May 16, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Any reduction in [Macau gaming] tax would be positive for future profits and cash flows, all else equal”

DS Kim, Amanda Cheng and Livy Lyu

Analysts at brokerage JP Morgan Securities (Asia Pacific)



Most Popular

  • Macau mulls GGR tax cut if casinos attract foreign playersMacau mulls GGR tax cut if casinos attract foreign players May 13, 2022
  • Macau repeat visitors denied visa by China says BernsteinMacau repeat visitors denied visa by China says Bernstein May 16, 2022
  • Macau GGR tax cut may spur 15pct EBITDA hike: JP MorganMacau GGR tax cut may spur 15pct EBITDA hike: JP Morgan May 16, 2022
  • Macau modifies satellite owner plan, rev share ban staysMacau modifies satellite owner plan, rev share ban stays May 13, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us