GGRAsia – Leisure and Resorts World Corp 2015 profit up 37 pct

Leisure and Resorts World Corp 2015 profit up 37 pct

Apr 19, 2016 Newsdesk Latest News, Philippines, Top of the deck

Philippines-based Leisure and Resorts World Corp – which has several interests related to land-based and online gambling – reported group-wide 2015 consolidated revenue of PHP9.5 billion (US$206 million), up by almost 40 percent in year-on-year terms.

Consolidated net income stood at PHP1.03 billion, a year-on-year increase of 37 percent, the firm said in a Tuesday filing to the Philippine Stock Exchange.

The company said in a press release it was “confident in achieving similar growth rates for 2016.”

It added: “In spite of the slowdown in the gaming sector, Leisure and Resorts World’s core businesses continue to show very robust growth and management believes in being able to continue this for the future.”

Net income contribution by the casino division of Leisure and Resorts World – which includes the Midas Hotel and Casino in country capital Manila – declined by 21 percent in year-on-year terms in 2015. It stood at PHP85 million for full year 2015 compared to PHP108 million a year before.

Leisure and Resorts World’s casino division is composed of three units. Those are: Prime Investment Korean Inc, engaged in junket operations including phone betting at Midas casino; Blue Chip Gaming and Leisure Corp, a “facilities provider” of VIP slot arcades for state-run Philippine Amusement and Gaming Corp, a casino operator as well as the regulator for the country’s entire casino industry; and joint venture Hotel Enterprises Philippines Inc, which owns the Midas Hotel and Casino.

Leisure and Resorts World’s online division includes the majority-owned First Cagayan Leisure and Resorts Corp. The latter is the master licensor for online gaming in the Cagayan Freeport and Special Economic Zone. First Cagayan generated net income contribution of PHP442 million in 2015, up by 23 percent in year-on-year terms.

Leisure and Resorts World has several other online gaming-related interests. The company – via a subsidiary – also manages bingo halls and outlets.

In addition, Leisure and Resorts World is an investor in casino resort City of Dreams Manila via wholly owned subsidiary AB Leisure Global Inc. The latter generated net income of PHP142 million in 2015, Leisure and Resorts World said in its Tuesday release.