Gaming company Leisure and Resorts World Corp (LRWC) reported an increased net profit by 50 percent to P454 million year-on-year in the first semester. In a press release on Tuesday, the company said that net profit went up by 10.3 percent to P233 million for the second quarter alone compared to the same time last year.
Operations related to retail under AB Leisure Exponent and Total Game Zone Xtreme also went up in the first half by 85 percent to P123 million. The first firm contributed the most. Its bingo operations increased the profit by 64 percent to P120 million year-on-year in the first half.
The online gaming department also increased profit by 43 percent to P254 million. This division includes online gaming licensing company First Cagayan Leisure and Resorts Corp, which is 69.68 percent owned by LRWC, and the First Cagayan Converge Data Center Inc., which is a joint enterprise with the IPVG group. The net income contribution of the First Cagayan expanded by 49 percent to P228 million in the first six months.
The casino segment provided P74 million from the following firms: Prime Investment Korean Inc., Blue Chip Gaming and Leisure Corp. and Hotel Enterprises Philippines. Lastly, LRWC’s 30 percent benefit from the City of Dreams provided P33 million in net income. This includes LRWC’s share of the lease payments Belle gets from Melco Crown Philippines and a share of the gaming revenues of Premium Leisure Corp.