Philippines gaming investor Leisure & Resorts World Corp (LRWC) reported net income of Php69 million for the three months to 30 September 2019, down 17.8% year-on-year due to higher interest expenses and a decline in revenues from its junket business PIKI.
PIKI, which jointly conducts junket operations at PAGCOR’S Casino Filipino-Midas at the Midas Hotel and Casino in Pasay City, saw its revenue fall 28.2% to Php695.6 million, citing “significantly lower turnover figures” of Php17.1 billion compared with Php28.3 billion in the prior year period.
LRWC did see increases in some of its gaming segments. Casino GGR from its two casino subsidiaries – Blue Chip Gaming and Leisure Corporation (BCGLC) and Gold Coast Leisure World Corp – grew 27.7% to Php103.1 million, with the company citing aggressive marketing efforts and programs implemented by the business unit for the improvement.
The subsidiaries operate a slots arcade in Pampanga, four PAGCOR VIP Clubs across the country and are engaged in the leasing of slot machines.
LRWC’s bingo game operator Bingo Bonanza Corporation, which has 153 bingo parlors and 11,064 eBingo machines nationwide, saw GGR grow 11.9% to Php2.37 billion.