Premium Leisure Corp (PLC), a subsidiary of Philippines real estate firm Belle Corp, revealed this week that its net income for the eight months through 31 August 2023 has risen 51% year-on-year to Php1.73 billion (US$30.5 million) – aided in part by its share in City of Dreams Manila.
Parent company Belle Corp owns the land upon which City of Dreams Manila sits and earns rent from Melco Resorts and Entertainment (Philippines) Corporation for use of the land, while PLC itself earns income from a revenue share agreement with Melco.
PLC’s slice of revenue share grew by 26% through August to Php1.70 billion (US$29.9 million), the company said, up from Php1.35 billion (US$23.8 million) a year earlier.
Another PLC subsidiary, Pacific Online Systems Corporation (POSC) – which is engaged in the development and management of on-line computer systems, terminals and software for the Philippine lottery industry – also saw income grow by 45% to Php453.5 million (US$8.0 million).
POSC and its lottery partner Philippine Charity Sweepstakes Office (PCSO) recently announced plans to venture into online gaming as more customers indicate a preference to go digital. In a 30 August disclosure, POSC said it has “signed a Memorandum of Agreement with the PCSO in connection with the latter’s implementation of a one-year trial run for a Web-Based Application Betting Platform (WABP).
“Through the WABP, the PCSO aims to develop and promote more marketable, adaptable, resilient, and trendy betting platforms, taking into account the evolution of the gaming market and the advancements in technology.
“The MOA will cover a trial period for the WABP for one year, subject to renewal, during which Pacific Online will be acting as PCSO’s exclusive agent and generating gross revenues equivalent to 14% of PCSO’s gross sales generated using the WABP.”
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