Premium Leisure 2022 ‘solid’, gaming rev share up 20pct

Mar 01, 2023 Newsdesk Latest News, Philippines, Top of the deck  

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Premium Leisure Corp reports “solid results” for 2022 amid “further reopening and revitalised economic activities” in the Philippines during the year.

Premium Leisure is an investor in City of Dreams Manila (pictured in a file photo), a casino resort run by a unit of Melco Resorts and Entertainment Ltd, and which is located in the Philippine capital.

The company reported consolidated revenues of PHP2.08 billion (US$37.8 million) for full-year 2022, up 20.4 percent from the previous year, according to a Wednesday filing to the Philippine Stock Exchange. The firm posted consolidated net income of nearly PHP1.26 billion, 11.8-percent higher than in 2021.

Premium Leisure’s share of gaming business at City of Dreams Manila accounted for more than 75.0 percent of its reported revenue in the period, at just above PHP1.56 billion. Such share of gaming revenue was up 20.1 percent from 2021.

The company said the 2022 results “enabled” it to declare a regular dividend of PHP0.05024 per share, payable on March 28.

Premium Leisure is linked to Belle Corp, also a Philippine Stock Exchange-listed company.

The parent company on Wednesday reported revenue of nearly PHP5.42 billion for full-2022, up 58.5 percent from the prior year. Its net income increased 129.5 percent year-on-year, to PHP1.71 billion.

Belle’s president and chief executive, Jackson Ongsip, said in prepared remarks: “We built on the opportunities presented given the improving Covid-19 situation in the Philippines and around the world, and the full economic reopening to deliver stellar results and continue our shared recovery.”

Belle’s board of directors approved the declaration of a regular cash dividend of PHP0.06 per share, payable on March 30.

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