Philippine-based Leisure and Resorts World Corp, which has several interests in the land-based and online gambling sectors, has declared a cash dividend of PHP0.0425 (US$0.00080) per preferred share.
The dividend will be paid to shareholders on the register – as at June 20 – on July 12 from unappropriated retained earnings held on May 31. The gaming conglomerate told the Philippine Stock Exchange its board had approved the dividend on Monday.
Leisure and Resorts World has among its businesses Cagayan Leisure and Resort Corporation – known as First Cagayan – an online gaming licensor in the Cagayan Freeport and Special Economic Zone in the northeast of Luzon, the main island of the Philippine archipelago; a subsidiary that controls the Midas Hotel and Casino in Manila; and another which operates slot-machine arcades all over the country.
Until last year, Leisure and Resorts World had a revenue-sharing deal with Belle Corp, an investor in the City of Dreams Manila casino resort. That venue is in turn operated by a unit of Asian casino developer Melco Resorts and Entertainment Ltd.
Macau casino operator Galaxy Entertainment Group Ltd announced in December that in partnership with Leisure and Resorts World, it would invest up to US$500 million in building a casino on the resort island of Boracay. An aide to Philippine President Rodrigo Duterte subsequently said the national leader was opposed to allowing a new casino on the holiday island.
Leisure and Resorts World made a net profit of PHP430.3 million last year on gross revenue of PHP14.94 billion. It reported the result at the same time as its first-quarter profit, which dipped 70 percent.
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”I would expect that there might be some clearly-defined criteria … and I’m supportive of a more clearly-defined roadmap for the [gaming] industry”
Co-chairperson and executive director of Macau casino operator MGM China