Philippines gaming investor Leisure & Resorts World Corp (LRWC) reported an 18.9% decline in profit to Php742.3 million (US$15 million) for the three months to 31 March 2020, impacted by lower gross gaming revenues across all operating segments.
Group-wide GGR fell 26.2% to Php2.95 billion (US$59.8 million), including a 37.6% decline in revenue from casino operations to Php788.9 million (US$16 million).
Income from junket operations at PAGCOR’S Casino Filipino-Midas at the Midas Hotel and Casino in Pasay City fell 54.8% to Php359.0 million (US$7.3 million) on “significantly lower turnover figures” of Php11.3 billion compared with Php22.0 billion in the prior year period.
Casino GGR from its two casino subsidiaries – Blue Chip Gaming and Leisure Corporation (BCGLC) and Gold Coast Leisure World Corp – fell 8.5% to Php430.0 million (US$8.7 million). 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 online segment suffered an 18.7% decline in GGR to Php215.5 million (US$4.4 million) while retail bingo fell 21.1% to Php1.94 billion (US$39.3 million).
LRWC, which was originally a partner in City of Dreams Manila with Belle Corp before their revenue share agreement was terminated in 2016, had more recently planned to develop a US$500 million integrate resort in Boracay in partnership with Galaxy Entertainment Group.
However, those plans were scuttled in 2018 after Philippines President Rodrigo Duterte declared he would not approve any new casino developments and cancelled the joint venture’s provisional casino license.