Corporate News

PLC income gets lift from City of Dreams Manila

Posted on July 28, 2017

PREMIUM LEISURE Corp. (PLC), the gaming and leisure company of tycoon Henry Sy, Sr., on Thursday reported its earnings doubled in the second quarter, driven by strong gaming revenues from City of Dreams Manila.

In a regulatory filing, PLC said its net income attributable to the parent surged 104% to P470.25 million during the April to June period, from P230.93 million a year ago.

Gross revenues likewise jumped by 55% to P1.25 billion during the second quarter, from P809.29 million a year ago.

This brought PLC’s attributable net income to P895.21 million for the first six months of 2017, 153% higher than the P353.06 million a year ago. Revenues also rose 58% to P2.52 billion, from P1.59 billion during the same period last year.

PLC attributed its strong financial performance to the “continued operating growth in its revenues from City of Dreams Manila and the overall improvement in the Philippine gaming market.”

Its unit, PremiumLeisure and Amusement, Inc. (PLAI) is the co-licensee of City of Dreams Manila, an integrated resort and casino estate within the Pagcor Entertainment City.

“Gaming share revenue reported at P1.5 billion was higher by more than double versus the same period last year. The Company has an operating agreement with Melco Crown that entitles the Company to a share in gaming revenues in City of Dreams Manila,” PLC said.

Meanwhile, revenues from equipment lease rentals through its 50.1%-owned listed subsidiary Pacific Online Systems Corp. grew by 18% to P1.05 billion. The company benefited from higher lotto and keno sales derived from bigger jackpot prize games and the placement of additional terminals.

Pacific Online is also the leasor of online betting equipment for the Philippine Charity Sweepstakes Office’s lottery operations in the Visayas and Mindanao region.

Shares in PLC gained three centavos or 1.88% to close at P1.63 each, while shares in Pacific Online were unchanged at P11.46 apiece at the Philippine Stock Exchange on Wednesday. -- ABF