Published
Land-BasedCasinoFinancialIndustry

Losses for LRWC in Q1 

Leisure and Resorts World Corp (LRWC) reported losses for the first quarter of 2020, nearly PHP108m ($2.2m) compared to profits of PHP84.9m the previous year. The group stated the drop was due to the effect Covid-19 had on the trading sector. 

PhilippinesMap

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.


Casino News Sponsor
Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Nederlandse Loterij
Relax Gaming
Hoiana Resort & Golf
Tipico
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...