The gross gaming revenues for LRWC dropped by 26%, earning PHP2.95bn, whereas the previous year the revenue stood at PHP4bn. The group has a subsidiary in Midas Hotel and Casino, operating in Manila focusing on junket business. The GGR from Midas VIP operations earned PHP360m, recording a fall of 55% compared to the last year. 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 of the gaming revenues, comparing PHP7.7bn against PHP7.8bn for Q1 2019. The quarterly GGR decline stands at PHP40m, an almost 9% drop from the previous year. LRWC said the drops in revenue can be attributed to virus countermeasures, specifically the closure of the gaming venues that took place in the Philippines, as well as "halted operations in the second half of March 2020 when the community quarantine was first implemented”, LRWC added in a statement.
