The company that promotes the Winford Hotel and Casino (pictured in a file photo) in Manila in the Philippines, said on Monday it had widened its net loss to PHP185.19 million (US$3.8 million) in the three months ended June 30, compared to a net loss of PHP159.25 million in the prior-year quarter.
MJC Investments Corp said its share of revenue from gaming operations at the venue fell 98.1 percent year-on-year, in the three months to June 30. Such amount was PHP2.14 million, compared to nearly PHP113.60 million in the second quarter of 2019.
Its second-quarter loss on operating costs and expenses widened to PHP150.78 million.
Even before the Covid-19 crisis, the firm had reported a net loss in the years 2017, 2018 and 2019 respectively, it reiterated in its latest quarterly filing to the Philippine Stock Exchange.
As of end-2019, the group’s current liabilities exceeded its current assets by PHP229.0 million, the document noted.
“The group’s ability to continue as a going concern is dependent upon its ability to generate sufficient cash flows to meet its maturing obligations,” it stated in the latest filing, adding it had brought in cost-saving measures.
The aggregate principal sum of its loans payable amounted to just under PHP2.31 billion, as of June 30.
MJC Investments further noted it was “closely working” with the country’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), “for the resumption of its operations and exploring new business opportunities”.
The Metro Manila area has been in some form of Covid-19 lockdown – affecting the business of the city’s casinos – since mid-March. The city will continue under general community quarantine until at least August 31.
MJC Investments noted in its Monday filing: “The group has revisited its refinancing options and has ongoing discussion with the bank and its creditors to amend the payment terms.”
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters