• 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

Leisure and Resorts 1Q loss widens as costs rise

May 25, 2022 Newsdesk Latest News, Philippines, Top of the deck  


Leisure and Resorts 1Q loss widens as costs rise

Philippine gaming investor Leisure and Resorts World Corp reported a net loss of nearly PHP222.4 million (US$4.2 million) in the first three months of 2022, up from PHP125.6 million a year earlier. The company said in a Wednesday filing it recorded higher costs for the period as its business gradually resumed operations.

Leisure and Resorts generated negative first-quarter earnings before interest, taxation, depreciation and amortisation (EBITDA) of PHP151.1 million, compared with positive EBITDA of PHP13.3 million in the prior-year period.

“Since the start of the year, Leisure and Resorts has been resuming its operations from the pandemic,” stated the company. It noted “more and more” of its venues had reopened in the three months to March 31, and it also launched its newest product, BingoPlus.

“Both the development of the new product and the resumption of workforce resulted in an increase of operating expenses,” it said.

The group’s direct costs rose by 17.8 percent year-on-year, to nearly PHP902.8 million. The increase “was mainly due to payment of a minimum guaranteed share” to the country’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor). Such outlay was related to its new bingo product and an “increase in manpower due to the reopening of sites” in its casino and retail segments, it added.

First-quarter gross gaming revenue fell by 1.4 percent year-on-year, to PHP929.0 million.

Despite the quarterly loss, Leisure and Resorts said its financial position remained on “solid ground”. The company also said it expected to see “more player traffic” across its platforms in the coming quarters, as the Philippine economy recovers from the Covid-19 pandemic and its new product “gains market popularity.”

In March, Leisure Resorts completed a private placement of some unissued shares, raising nearly PHP2.1 billion.


  • tweet
Related articles
  • Macau Legend US$152mln loss, eyes Macau ops after 2022
    Macau Legend US$152mln loss, eyes Macau...

    Jun 29, 2022  

  • Pagcor missing US$43mln revenue from POGOs: audit
    Pagcor missing US$43mln revenue from...

    Jun 23, 2022  

More news
  • Sega Sammy to launch Genesis Crest 43J cabinet in Asia
    Sega Sammy to launch Genesis Crest 43J...

    Jul 01, 2022  

  • Macau monthly GGR for June worst since Sept 2020
    Macau monthly GGR for June worst since...

    Jul 01, 2022  


Latest News

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Sega Sammy to launch Genesis Crest 43J cabinet in Asia

Jul 01, 2022  

Casino equipment supplier Sega Sammy Creation Inc said in a Friday release it was debuting its Genesis Crest 43J cabinet in Asia. The product will be available at an in-person trade show, G2E Asia:...
Read More
Macau monthly GGR for June worst since Sept 2020

Macau monthly GGR for June worst since Sept 2020

Jul 01, 2022  

Kangwon 2021 average bet 61pct above foreigner casinos

Kangwon 2021 average bet 61pct above foreigner casinos

Jul 01, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


638

Aggregate number of Covid-19 cases in the latest Macau outbreak, as of Thursday-end



Most Popular

  • 5-casino Thai market ok says National Assembly committee5-casino Thai market ok says National Assembly committee June 30, 2022
  • Macau tells casinos cut on-duty staff by 90pct: reportsMacau tells casinos cut on-duty staff by 90pct: reports July 1, 2022
  • Macau drops 48hr nucleic acid test for casino staff, guestsMacau drops 48hr nucleic acid test for casino staff, guests June 30, 2022
  • Universal hopes Okada Manila biz listed before Sept 30Universal hopes Okada Manila biz listed before Sept 30 June 30, 2022
  • Only 2 Macau satellites closed as concessions extendedOnly 2 Macau satellites closed as concessions extended June 29, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us