GGRAsia – LRWC more than doubles quarterly loss for 2Q

LRWC more than doubles quarterly loss for 2Q

Jul 30, 2020 Newsdesk Latest News, Philippines, Top of the deck

Philippine conglomerate Leisure and Resorts World Corp (LRWC) says it more than doubled its second-quarter loss, to PHP392.9 million (US$8 million), from a loss of nearly PHP130.4 million in the prior-year period.

Among the units run by Leisure and Resorts World is a subsidiary that has junket business at the Midas Hotel and Casino in the Philippine capital Manila.

The group’s income from junket operations for the three months to June 30 actually fell into the red – by nearly PHP9.6 million – compared to positive income of PHP151.2 million in the second quarter of 2019, it said in a Thursday filing to the Philippine Stock Exchange.

For the whole of the quarterly reporting period, the junket business at Midas was shuttered, due to the Covid-19 pandemic, the group noted.

The firm’s second-quarter gross gaming revenues (GGR) – it also runs services including bingo operations delivered by a variety of channels – fell by 93.1 percent year, to PHP267.7 million, from nearly PHP3.91 billion in the prior-year period.

The company said that the overall gaming performance had been negatively affected by the Covid-19 pandemic, and the national government’s “community quarantine” measures, “which started in the second half of March” and had led to closure of operations.

As of the date of the report, the Midas junket operations had “not reopened yet,” said the filing.

Until 2017, Leisure and Resorts World had a revenue-sharing deal with Belle Corp, an investor in the City of Dreams Manila casino resort that is operated by a local unit of casino developer Melco Resorts and Entertainment Ltd.