Philippine-listed holding company Leisure and Resorts World Corporation (LRWC) saw a decline in net income in the first three months of 2017, due mainly to decreases in income of its various gaming businesses.
Net income after tax was P272.1 billion (US$5.4 billion) in 17Q1, down 5.6 percent from P288.7 billion in the prior corresponding period.
“The decline of P16.6 million is mainly due to the significant decreases in net income of TGXI, ABLE due to E-Bingo downtrend and additional site closures and FCLRC due to decrease in operational locators and declining revenue of locators,” said the company in a filing to the Phipippine Stock Exchange.
Total revenue fell to P2.5 billion in 17Q1, compared to P2.6 billion in 16Q1.
Looking ahead to the rest of 2017, LRWC says it intends to continue to focus on growing its venues network reach and depth in its retails business unit – through AB Leisure Exponent, Inc. (ABLE) and TGXI’s electronic bingo business
“ABLE plans to expand by applying for permits to open new bingo boutiques in high traffic areas around new SM and Robinson’s Malls/Supercenters as well as bingo outlets in Metro Manila and select provincial areas. TGXI will likewise expand its retail market reach by acquiring more strategically located venues and offering better games to attract more players and increase customer spent,” said the company in a statement.
The company noted its online business, FCLRC, for which it holds 69.68 percent interest, plans to “invite and qualify more licensed and operating locators within the year.”
Through its investment in Hotel Enterprises of the Philippines, Inc. (HEPI), the company also says it plans to strengthen and enhance the operations of its Midas Hotel and Casino.