PREMIUM Leisure Corp. (PLC), the gaming vehicle of tycoon Henry Sy, said on Tuesday its net income for the first quarter of 2017 grew 206 percent to P501.7 million from P164 million a year earlier, driven by strong growth in gaming revenues.
“The company’s significant operating growth was driven by improvements in all revenues segments,” PLC said in its financial report.
It said revenues amounted to P1.26 billion at end-March, up 61 percent from the same period in 2016. Gaming share revenues more than doubled to P721.9 million from P349 million previously, due to the continued improvement in the gaming operations of City of Dreams Manila.
The company also realized higher revenues from equipment lease rentals and commission and distribution income through its subsidiary Pacific Online Systems Corp., whose revenues rose 24 percent in the first quarter to P504.1 million, driven by higher Lotto and Keno sales.
Costs and expenses increased by 30 percent due to the increase in costs related to and in line with the increase in revenues.
As a measure of efficiency, costs and expenses are at 56 percent in terms of percentage of revenues in 2017, which is better than 70 percent to revenues during the same period last year, according to PLC.
Formerly a mining firm known as Sinophil Corp., PLC is now a gaming-focused investment vehicle of the SM Group, owning 100 percent of PremiumLeisure and Amusement Inc. (PLAI) and a 50.7 percent interest in LOTO.
PLAI is a wholly owned subsidiary of PLC, which 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 the 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. City of Dreams Manila started operations in December 2014 and had its grand opening and launch in February 2015.