Q1 losses for Leisure and Resorts World Corp
Leisure and Resorts World Corp (LRWC) has reported losses of nearly PHP108m ($2.2m) for Q1, compared to a profit of PHP84.9m the previous year.
The group stated the drop was due to the effect COVID-19 had on the trading sector.
Gross gaming revenues for LRWC dropped 26%, earning PHP2.95bn.
LRWC also has a subsidiary in Midas Hotel and Casino, operating in Manila and focusing on the junket business.
GGR from Midas VIP operations earned PHP360m, recording a fall of 55%. The group explained the drop was “due to significantly lower turnover figures,” which were PHP11.3bn this year and PHP22bn for the same period the previous year.
The group’s other subsidiaries reported a lower turnover, comparing PHP7.7bn against PHP7.8bn for Q1 2019.
Quarterly GGR decline stands at PHP40m, an almost 9% drop from the previous year.
LRWC said the falls in revenue can be attributed to the virus countermeasures, specifically the closure of gaming venues that took place in the Philippines, adding “the decrease was due to halted operations in the second half of March 2020 when the community quarantine was first implemented.”
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