LRWC posts P302 million income

    Leisure and Resorts World Corporation, investor in City of Dreams Manila and parent company of exclusive online gaming license gantor, First Cagayan Leisure and Resort Corp, reported a 20 percent growth in revenues for the first six months of 2014. Gross revenues rose by P481.9 million to stand at P2.88 billion, generating net income of P302.3 million, the company told the stock exchange.

    The company’s consolidated gross revenues stood at P1.44 billion, 17.7 higher than the P1.23 billion of the same period last year while net profit grew more than 300% from last year’s P48.0 million for the quarter ending June 30, 2014.

    LRWC Chairman and CEO, Reynaldo P. Bantug said the company’s’ “continued focus on expanding our Bingo sites as well as the continued roll-out of the electronic variants of our bingo games have contributed to the net income increase in our AB Leisure subsidiary. Our First Cagayan subsidiary, produced better than expected results, with management focusing on attracting more locators as well as servicing the needs of current licensees.”

    First Cagayan drove the earnings increase by growing 72.2 percent year-on-year or by P74.7 million to P178.2 million from P103.5 million in 2013. First Cagayan contributed almost 60 percent of LRWC’s 1H net income for 2014. First Cagayan’s earnings came from the increase in the number of online gaming licenses as well as the increase in the revenues of existing licensees.ABLE’s net income also increased by 41.5 percent or P21.5 million to total P73.2 million for 1H 2014. The growth in ABLE’s net income came mainly from the increase in the number of bingo sites as well as the increase in the number of electronic bingo machines.

    AB Global’s first half revenues stood at P154.5 million, representing a 30 percent share of the net lease payments, after deducting interest and other operating expenses, that Melco Crown Philippines (MCP) pays Belle Philippines. MCP is leasing from Belle the land and building facilities for City of Dreams Manila.