Philweb swings to P206.1m loss

Philweb Corp, an operator of e-gaming cafes in the Philippines, reported a net loss of P5.4 million (US$109,700) in 16Q3, down from a net profit of P206.1 million in the prior year period.

The company made headlines in August after news broke of the Philippine gaming regulator’s decision not to renew Philweb’s license to operate its 286 e-Games outlets.

Philweb operated internet cafes that offered casino games, including baccarat, blackjack, slot games, video poker and others, with most e-Games cafes operating on a 24/7 basis.

A “winding down” of the business started on August 10, and company CEO Dennis Valdes at the time said he was hoping to “try to avoid” cutting its 5,000 strong workforce.

In the latest results filing, the operator saw operating revenue down more than half to P173.8 million in 16Q3, from P472.2 million in 15Q3.

Recently, the company said it was hoping to secure a new license from Pagcor before year end.