GGRAsia – Manila’s Winford casino hotel promoter cuts 2Q loss

Manila’s Winford casino hotel promoter cuts 2Q loss

Aug 17, 2022 Newsdesk Latest News, Philippines, Top of the deck

MJC Investments Corp, promoter of the Winford Manila Resort & Casino (pictured) in the Philippine capital, reduced its second-quarter net loss by 24.8 percent, to PHP130.0 million (US$2.3 million) from a net loss of PHP172.9 million in the prior-year quarter.

The company reported a net loss of PHP249.3 million for the first six months of 2022. It was an improvement from the PHP330.3-million net loss recorded a year earlier

Its share of revenue from gaming operations soared by 478.5 percent year-on-year in the three months to June 30, at PHP56.0 million, from less than PHP9.7 million a year earlier, MJC Investments said in a Tuesday filing to the Manila Stock Exchange.

“The increase is attributable to higher gaming capacity and foot traffic this period comparing to same period last year,” the firm stated.

The share of revenue from gaming operations for the first half of 2022 was PHP91.4 million, compared to PHP46.4 million in the prior-year period.

MJC Investments noted in its report that the Winford Manila Resort & Casino currently had 22 operational gaming tables and 492 operational slot machines. The company added it planned to “steadily increase its operational table games,” so that there would be 30 by year-end, and boost its operational slot machines to “more than 500”.

The firm said: “Moving forward, Winford Manila Resort & Casino anticipates the busiest gaming area will be its ground floor, with renovations in this area completed in August 2021.”

Gaming at the property is run under the licence of the country’s regulator, the Philippine Amusement and Gaming Corp (Pagcor). According to MJC Investments, the firm is entitled to a “40-percent share in gaming operations”.

Revenue from bingo operations at Winford Manila Resort & Casino stood at PHP15.7 million in the second quarter of 2022. Such operations were suspended during most of 2021: they were only resumed at “beginning December 2021 on limited capacity,” stated MJC Investments in its filing.

From March 1, Metro Manila was placed under “alert level 1”, the lowest level of countermeasure against Covid-19, which allowed business to operate at full capacity.