Bingo business boosts Leisure and Resorts World's profit
MANILA, Philippines - Profits of gaming firm Leisure and Resorts World Corp. surged by nearly nine-fold as of September from year-ago levels partly driven by revenues from its bingo business.
The company's net income attributable to equity holders ballooned 782% to P107.6 million from P12.2 million, LRWC said in a statement.
Consolidated revenues climbed 14% to P3.345 billion, while franchise, taxes and other direct costs increased by 34%, bringing net revenues to P2.08 billion, the firm said.
"The traditional bingo revenues continue to be impressive at P1.38 billion, and this segment accounts for 41% of total revenues," LRWC noted.
The firm has continued to roll out its electronic bingo machines in existing outlets and in new sites as well.
LRWC is also spending for an integrated casino gaming resort in Pagcor's Entertainment City in Parañaque City. The project is in partnership with SM Group's Belle Corp. and Macau's casino giant Melco Crown Entertainment Ltd.