LEISURE and Resorts World Corp. (LRWC) reported a first-quarter net loss of P222.39 million attributable to the parent firm, wider than the P125.6-billion loss a year ago, as gross gaming revenues slipped while operating expenses increased.
“Since the start of the year, LRWC has been resuming its operations from the pandemic. More and more sites had been reopened and the company had also launched its newest product, BingoPlus,” it said in a disclosure on Wednesday.
It registered a net loss after tax of P223.07 million in the first quarter from a loss of P110.04 million previously because of higher operating expenses.
Gross gaming revenues decreased by 1.42% to P929.01 million from P942.35 million. Operating expenses rose by 8.8% to P177.27 million from P162.9 million.
“Both the development of the new product and the resumption of the work force resulted in an increase of operating expenses,” the company added.
In the first quarter, direct costs reached P902 million from P766 million in 2021, higher by 17.84%.
LRWC said that the increase was mainly due to payment of the minimum guaranteed share to state-led Philippine Amusement and Gaming Corp. for a newly launched Online Traditional Bingo business. It also cited an increase in manpower due to the reopening of sites from the casino and retail segment.
“Nevertheless, on an overall outlook, the financial position of the company remains to be on solid ground. The company is also positive that as the economy recovers from the pandemic and while the new product gains its market popularity, there will be more player traffic in the company’s online entertainment platform in the coming quarters,” it added.
LRWC has subsidiaries in various gaming and entertainment sectors. It launched the country’s first online bingo platform, BingoPlus, early this year.
At the stock exchange on Wednesday, LRWC shares fell by 5.84% or eight centavos to close at P1.29 each. — Luisa Maria Jacinta C. Jocson
