PREMIUM Leisure Corp. (PLC), the gaming vehicle of tycoon Henry Sy, saw its net income expand five times in 2016 on higher gaming revenue streams from City of Dreams Manila and the full-year consolidation of its lottery systems technology unit.
In a disclosure to the Philippine Stock Exchange on Friday, PLC said its net income soared 419 percent to P1.2 billion last year from 2015’s P223.2 million.
“The significant growth is attributable to higher gaming share revenues from City of Dreams Manila as well as the full-year consolidation of Pacific Online Systems Corp. (LOTO) in 2016,” PLC said.
LOTO leases online betting software, equipment and terminals to the Philippine Charity Sweepstakes Office (PCSO) for its lottery operations in the Visayas and Mindanao regions.
Alson on Friday, PLC also announced the declaration of a cash dividend of 2.81 centavos per share, or a total cash dividend payment of P888 million, to stockholders of record on March 10. The dividends are payable on March 23.
The dividend declared represents about 81 percent of the company’s 2016 unrestricted earnings.
Formerly a mining firm known as Sinophil Corp., PLC is a gaming-focused investment vehicle of the SM Group, which owns 100 percent of PremiumLeisure and Amusement Inc. (PLAI) and a 50.7 percent interest in LOTO.
PLAI is a co-licensee in City of Dreams Manila, the integrated resort and casino project of the Melco Crown group within the Pagcor Entertainment City, and has share in casino gaming revenues of the project.
City of Dreams Manila was built in partnership with MCE Leisure, a wholly owned indirect subsidiary of Melco Crown Philippines. It started operations on December 14, 2014 and had its grand opening and launch in February 2015.