Philippines gaming conglomerate Leisure & Resorts World Corp (LRWC) has published its FY21 financial results, reporting a narrowed loss of Php895 million (US$17 million) – down from Php1.34 billion (US$25 million) in 2020 – despite revenue falling by 22% for the year.
According to details filed with the Philippine Stock Exchange on Friday, revenue fell to Php2.81 billion (US$53 million) in 2021 on the back of a decline in traditional bingo revenue. However, Adjusted EBITDA loss narrowed from Php96 million (US$1.81 million) to Php81 million (US$1.53 million) due to expense reduction being higher than the decrease in revenues.
LRWC said the narrowed loss was evidence of its efforts in strategic planning.
“As the market recovers gradually from the pandemic, the company is making rigorous efforts to break through the challenges,” it said. “With the launch of the company’s newest product, BingoPlus, LRWC is positive of a better financial outlook in 2022.”
BingoPlus became the first online traditional bingo game to be licensed by gaming regulator PAGCOR when launched in February.
LRWC, whose other interests include leasing slot machines and the operation of slot arcades on behalf of PAGCOR, also announced last September that it had been granted accreditation from PAGCOR to launch a new retail and online sportsbook for local users – the third such company to receive online sports betting accreditation alongside MegaSportsWorld and Jade SportsBet.
It has previously outlined plans to build a casino resort on Boracay, possibly in cooperation with Macau’s Galaxy Entertainment Group.