Philippines gaming firm Premium Leisure Corp (PLC) has reported a 47.7% year-on-year increase in net profit to Php625.3 million (US$11.2 million) in the three months to 31 March 2023, driven by rising revenues at City of Dreams Manila. Gross revenues climbed by 99.4% to Php893.9 million (US$16.0 million).
According to details sent to IAG on Monday, PLC’s wholly-owned subsidiary PremiumLeisure and Amusement Inc – which earns a share in gross gaming revenues from CoD Manila – saw its gross income rise by 48.2% to Php714.6 million (US$12.8 million) in Q1 as the sector continues to recover from the COVID-19 pandemic.
PLC’s 50.1%-owned subsidiary Pacific Online Systems Corporation (POSC), which leases online betting equipment to the Philippine Charity Sweepstakes Office (“PCSO”) for their lottery operations, also saw its gross income grow by 58.1% to Php179.1 million (US$3.2 million).
In announcing its Q1 profits, PLC added that it recently commenced nationwide lottery operations for PinoyLotto, the joint venture between POSC, Philippine Gaming Management Corporation (PGMC) and International Lottery & Totalizator Systems, Inc (ITLSI).
PLC is a subsidiary of Philippines real estate firm Belle Corp, which owns the land upon which City of Dreams Manila sits. Aside from PLC’s revenue share agreement, Belle Corp also earns rent from Melco Resorts and Entertainment (Philippines) Corporation for use of the land.
In a separate filing, Belle Corp said it derived real estate revenues of Php857.0 (US$15.4 million) million in 1Q23 of which Php500.9 million (US$9.0 million) was from its lease of the land and buildings comprising City of Dreams Manila.
