• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Premium Leisure moves into black

Nov 13, 2014 Newsdesk Latest News, Philippines, Top of the deck  


Premium Leisure moves into black

Premium Leisure Corp on Thursday reported its quarterly earnings. The entity is a holding company for a stake controlled by the family of U.S. dollar billionaire Henry Sy in the licence of City of Dreams Manila casino resort (pictured in a rendering) in the Philippines.

The firm recorded consolidated income of just under PHP1.43 billion (US$31.9 million) for the nine months to September 30, compared to a consolidated net loss of PHP6.5 million for the year-prior period.

Premium Leisure said the improvement was due mainly to “net reversal of a provision for impairment of its investment in Legend International Resorts (HK) Ltd” amounting to approximately PHP1.22 billion.

According to the International Law Office (ILO) in London, Legend International Resorts Ltd was incorporated in Hong Kong and was involved in running a casino at Subic Bay in the Philippines.

In July 1998 Legend defaulted on repayment on a US$33 million loan facility it had taken with Société Générale Asia (Singapore) Ltd. On June 8, 2006, the court of first instance in Hong Kong ordered Legend International Resorts to be wound up on the basis of its inability to pay its debts, according to ILO, citing court records.

In July this year Premium Leisure and its parent Belle Corp underwent a corporate reorganisation. Under it, Belle transferred its gaming assets – consisting of 100 percent ownership of Premium Leisure and Amusement Inc (PLAI) and its 34.5 percent interest in Pacific Online Systems Corp – to Premium Leisure.

In September Belle announced the pricing for a sale of 3.26 billion shares in Premium Leisure. Belle also agreed to sell up to 490 million additional shares of Premium Leisure under an over-allotment option. The exercise reduced Belle’s stake in Premium Leisure to slightly above 77 percent, according to a filing to the Philippine Stock Exchange.

PLAI is part of the consortium that holds the licence from the Philippine Amusement and Gaming Corp (Pagcor) – that country’s gaming regulator – for City of Dreams Manila.

The casino resort is due to have a first phase soft opening in December, said Lawrence Ho Yau Lung, co-chairman of one of the other investors, Melco Crown Entertainment Ltd, during an earnings conference call for that firm on November 6.

Melco Crown will manage the resort, which is located at Entertainment City, Manila Bay.


  • tweet
Related articles
  • Premium Leisure net income up 52pct in year to Aug
    Premium Leisure net income up 52pct in...

    Sep 19, 2023  

  • Belle 1H net profit up 15pct, as CoD Manila biz ramps up
    Belle 1H net profit up 15pct, as CoD...

    Jul 27, 2023  

More news
  • Macau September GGR down 13pct on August: govt
    Macau September GGR down 13pct...

    Oct 01, 2023  

  • Sands China to revitalise firecracker factory, old streets
    Sands China to revitalise firecracker...

    Sep 29, 2023  


Latest News

Macau September GGR down 13pct on August: govt

Macau September GGR down 13pct on August: govt

Oct 01, 2023  

Macau’s September casino gross gaming revenue (GGR) fell by 13.2 percent month-on-month, to MOP14.94 billion (US$1.85 billion), according to a Sunday announcement from the local regulator, the...
Read More
Sands China to revitalise firecracker factory, old streets

Sands China to revitalise firecracker factory, old streets

Sep 29, 2023  

Bloomberry aims to raise up to US$99mln via share sale

Bloomberry aims to raise up to US$99mln via share sale

Sep 29, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The Philippines has been the primary growth driver, but really the broader Asian gaming industry is something that’s really important to us”

Matt Wilson

Chief executive of casino equipment provider Light & Wonder



Most Popular

  • Macau September GGR down 13pct on August: govtMacau September GGR down 13pct on August: govt October 1, 2023
  • Sands China to revitalise firecracker factory, old streetsSands China to revitalise firecracker factory, old streets September 29, 2023
  • S.Korea Daegu Casino fined US$776k for AML breaches S.Korea Daegu Casino fined US$776k for AML breaches  September 29, 2023
  • Light & Wonder to expand facilities in the Philippines: CEOLight & Wonder to expand facilities in the Philippines:… September 29, 2023
  • Bloomberry aims to raise up to US$99mln via share saleBloomberry aims to raise up to US$99mln via share sale September 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us