• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 28 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Losses grow for Leisure & Resorts World Corp in 1Q22

Newsdesk by Newsdesk
Wed 25 May 2022 at 18:02
Manila gaming venues still closed under two-week trial of new quarantine scheme

Manila

19
SHARES
486
VIEWS
Print Friendly, PDF & Email

Philippines gaming conglomerate Leisure & Resorts World Corp (LRWC) has seen its net loss grow by 77.05% to Php223.4 million (US$4.3 million) in the three months to 31 March 2022, blaming the launch of new products and reopening of gaming sites for an increase in operating costs.

The company’s results, which saw revenue slip from Php942 million (US$18.0 million) in 1Q21 to Php929 million (US$17.8 million) this time around, included an increase in the direct cost of the minimum guarantee fee it pays to Philippines gaming regulator PAGCOR from its recently released product, online traditional bingo, plus an increase in manpower due to the reopening of sites in the casino and retail segments.

EBITDA loss grew substantially year-on-year from Php13 million (US$248,000) to Php151 million (US$2.9 million).

Nevertheless, LRWC said it is “positive that as the economy recovers from the pandemic and while the new [bingo] product gains its market popularity, there will be more player traffic in the company’s online entertainment platform in the coming quarters.”

LRWC is a diversified gaming company whose interests include bingo, leasing slot machines and the operation of slot arcades on behalf of PAGCOR.

The company 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 also outlined plans to build a casino resort on Boracay.

RelatedPosts

IEC issues profit warning on widened losses through December 2021

IEC falls to US$36 million loss in FY25 but 200% increase in gaming revenues suggests bright future for Manila IR project

Sat 27 Sep 2025 at 11:56
Light & Wonder appoints Oliver Chow as Chief Financial Officer

Light & Wonder appoints former Aristocrat executive Rohan Gallagher as EVP, Global Chief Corporate Affairs Officer

Fri 26 Sep 2025 at 07:31
Philippines visitor receipts up 33% to US$4.84 billion in 1H24

Philippines visitation from South Korea, China remains suppressed in August

Fri 26 Sep 2025 at 04:51
IAG EXPO: Interview with GLI Asia-Pacific Managing Director Richard Howarth

IAG EXPO: Interview with GLI Asia-Pacific Managing Director Richard Howarth

Thu 25 Sep 2025 at 12:35
Load More
Tags: bingoGamingLeisure and Resorts World CorpPAGCORPhilippines
Share8Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

IEC issues profit warning on widened losses through December 2021

IEC falls to US$36 million loss in FY25 but 200% increase in gaming revenues suggests bright future for Manila IR project

by Ben Blaschke
Sat 27 Sep 2025 at 11:56

Hong Kong-listed International Entertainment Corp (IEC) said it remains confident in the long-term prospects of its Manila hotel and casino project after booking a 200% year-on-year increase in gaming revenue in the 12 months to 30 June 2025. While increased...

1xBet celebrates role as industry flagship at SBC Summit 2025

1xBet celebrates role as industry flagship at SBC Summit 2025

by Newsdesk
Sat 27 Sep 2025 at 11:32

Global sports betting brand 1xBet has celebrated its participation in this year’s SBC Summit, noting that its standing as Premium Sponsor highlighted the company’s role in industry growth and the significance of the European region for the brand. 1xBet said...

Football the focus as Vietnam revises sports betting decree

Vietnam considering revised US$380 daily betting cap on international football

by Newsdesk
Sat 27 Sep 2025 at 09:06

Vietnam’s Ministry of Finance wants to update the maximum amount individuals can bet on international football matches per day, with the current VND1 million (US$38) allowed per category to be replaced by a daily limit of VND10 million (US$380 million),...

FBM to unveil multiple slot title premieres at G2E in Las Vegas

FBM to unveil multiple slot title premieres at G2E in Las Vegas

by Newsdesk
Sat 27 Sep 2025 at 08:45

Industry supplier FBM has outlined the product range it will showcase at the upcoming Global Gaming Expo (G2E) in Las Vegas, headed by new slot titles “Lanterns of Fu” and Hippo’s Lock”. Located in Booth 2848, FBM said it would...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English