Leisure and Resorts World Corp (LRWC), the Philippines gaming company whose interests include First Cagayan Leisure and Resort Corporation, has announced consolidated revenues of PHP11.165 billion in 2016 – a 17% increase on 2015 levels.
The annual results included a 4% increase in LRWC’s casino revenues to PHP1.276 billion and a 17% increase in its online business to PHP1.867 billion. Consolidated income for the year rose 2% to PHP1.055 billion thanks to a 100% jump in casino profit from PHP85 million to PHP170 million and a 21% in online income to PHP624 million.
However, LRWC acknowledged that the changing regulatory environment under President Rodrigo Duterte were challenging and, “affected the operations of the Company’s subsidiaries.”
In-particular, LRWC predicted that First Cagayan, of which it holds a 69.68% stake, faces some difficulties going forward having contributed 40% of total business income in 2016 – up from PHP464 million to PHP555 million.
“Going forward, the company assumes that First Cagayan’s revenues will be affected by PAGCORs adoption of the Rules and Regulations for Philippine Offshore Gaming Operations in 01 September 2016,” it said.
LRWC’s casino division includes Prime Investment Korean Inc which engages in junket operations and proxy betting; PAGCOR facilities provider Blue Chip Gaming and Leisure Corporation; and Hotel Enterprises Philippines Inc which owns the property and hotel that runs the Midas Hotel.
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