Leisure & Resorts World posts flat profit in 2016

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LISTED gaming firm Leisure and Resorts World Corp. (LRWC) on Tuesday said it managed to surmount a difficult 2016 after posting a slight uptick in consolidated net income to P1.055 billion from the P1.030 billion recorded in 2015.

“This was achieved in spite of the dramatic changes in the regulatory environment, particularly in the last quarter of 2016 which affected the operations of the company’s subsidiaries,” LRWC said in a disclosure to the Philippine Stock Exchange (PSE).

Its net income in the fourth quarter of 2016 fell 25 percent to P166 million from P223 million in the same period of 2015.

Earnings before interest, tax, depreciation and amortization (Ebitda) for 2016 improved by 17 percent to P1.96 billion from P1.67 billion in the previous year.

LRWC’s casino, online, retail and property divisions reported net income contributions of P170 million, P624 million, P318 million, and P293 million, respectively.

Consolidated revenues totaled P11.16 billion in 2016, up 17 percent from the P9.51 billion recorded in the previous year.

Despite the slowdown in the gaming sector, LRWC said its core businesses continue to show robust growth.
LRWC is engaged in retail gaming through its bingo and eCasino outlets (AB Leisure Exponent and Total game Zone Extreme), and in online gaming based in Cagayan (First Cagayan Leisure and Resorts Corp., First Cagayan Converge Data Center Inc. and LR Land Developers Inc.).

It is also engaged in casino operations through Midas Hotel and Casino (Prime Investment Korean Inc. and Hotel Enterprises Philippines Inc.) and in property and investments via its 30 percent share in City of Dreams through leasing payments from Belle Corp. (AB Leisure Global Inc.).

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