PREMIUM Leisure Corp., the gaming vehicle of Filipino tycoon Henry Sy, reported a consolidated net income of P1.34 billion last year following a corporate reorganization.
Formerly Sinophil Corp., PLC underwent a corporate reorganization last year with its parent company, Belle Corp.
The reorganization repositioned PLC as a gaming-focused investment company through the acquisition of PremiumLeisure and Amusement, Inc. (PLAI), and a 34.5 percent stake in Pacific Online Systems Corp. (POSC) from Belle Corp.
PLC co-owns the $1.3-billion City of Dreams Manila, an integrated gaming, resorts and entertainment complex, together with Melco Crown (Philippines) Resorts Corp.
After a soft opening in December last year, the City of Dreams officially opened in the first week of February in an event that was attended by about 30,000 guests including high-profile industry players, officials and local and foreign personalities.
PLC’s board also approved a cash dividend of P0.022 per share, or a total cash dividend payout of P700 million to shareholders on record as of March 20, 2015. The dividends are payable on April 17.
“The amount of cash dividend is approximately 94.63 percent of 2014 unrestricted retained earnings,” PLC said in a statement.