Philippines gaming conglomerate Leisure & Resorts World Corp (LRWC) saw its losses narrow by 85.5% year-on-year to Php33 million (US$588,000) in the three months to 30 June 2022, bolstered by the resumption of most site operations and the launch of its own technology platform.
The company on Monday highlighted its COVID-19 recovery as part of its 2Q22 results announcement, with consolidated revenue rising 250% year-on-year to Php1.7 billion (US$30.3 million). Adjusted EBITDA of Php105 million (US$1.9 million) reversed a Php90 million (US$1.6 million) loss in the same period last year.
“The second quarter’s positive EBITDA is a clear signal that the company is on track in realizing net profitability for 2022 assuming there are no further operational restrictions for the rest of the year,” said LRWC President and CEO, Andy Tsui.
LRWC, which is looking to develop a casino resort on Boracay, recently launched a new online bingo product, Online Traditional Bingo (OTB) – the first online traditional bingo game to be licensed by gaming regulator PAGCOR.
It also announced in September 2021 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.
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