Philippine gaming investor DigiPlus Interactive Corp achieved revenue of PHP8.91 billion (US$158.9 million) for full-year 2022, up 217.1 percent from the prior year. The company, formerly known as Leisure & Resorts World Corp, changed its name earlier this year.
Net income for 2022 was PHP686.8 million, compared with an operating loss of PHP894.6 million in 2021, stated the company in a filing to the Philippine Stock Exchange on Wednesday.
DigiPlus said it achieved positive earnings before interest, taxation, depreciation, and amortisation (EBITDA) of PHP1.01 billion for full-year 2022, compared with an EBITDA loss of PHP80.0 million in the previous year.
The company said the “significant turnaround” in EBITDA terms was due to the “resumption of the majority” of its gambling-operation sites and the launch of its own technology platform.
Some wholly-owned units of DigiPlus run land-based gaming operations, including VIP gaming clubs in Philippine casinos, and electronic gaming machine halls. The group also has an online gaming licensing arm, and runs a bingo operation.
The biggest revenue contributor was the group’s retail games business, which accounted to 91.7 percent, or PHP8.16 billion, of the aggregate revenue in 2022. The segment is composed of the group’s on-site bingo parlours, remote BingoPlus platform operations, and e-game services.
“What we accomplished in 2022 is remarkable, the company realigned its business strategy and returned to profitable operations. We believe that there is strong momentum in our future business growth and the outlook is positive,” said Andy Tsui, president of DigiPlus, in prepared remarks.
The company also stated that it was planning to “expand its site operations in different areas, to acquire new machines and to expand its game offerings”.
As of December 31, DigiPlus had PHP1.36 billion in cash and cash equivalents. The group said it completed a private placement in the amount of PHP1.85 billion in the first quarter of 2023, “to support its operational plans and strategies”.
In a separate filing on Wednesday, DigiPlus said it had secured a PHP3.0-billion loan from Asia United Bank Corp, “primarily to fund its capital expenditures for expansion of BingoPlus and on-site electronic gaming operations, among others”.
Mr Tsui was quoted in that filing as saying that the company aimed to “capitalise” on the “positive momentum” of its BingoPlus platform by “revolutionising” the experience for its users, “by investing in new technologies, introducing new and innovative products, and enhancing our quality of service”.
