Winford Hotel and Casino reports 98% revenue fall
MJC Investments Corp, promoter for the Winford Hotel and Casino, has reported a loss of PHP185.2m ($3.8m) for Q2.
For the same period the previous year, the Manila-based operator reported a loss of PHP159.3m.
Q2 earnings for the casino was PHP2.1m, a 98% drop year-on-year. Operating costs and expenses reached PHP150.8m.
The operator said: “The group has revisited its refinancing options and has an ongoing discussion with the bank and its creditors to amend the payment terms.”
The ongoing COVID-19 lockdowns had an effect on casino operations, but the company has been reporting losses for several years. The company announced it will be considering some cost-cutting measures, adding:“The group’s ability to continue as a going concern is dependent upon its ability to generate sufficient cash flows to meet its maturing obligations.”
Currently, the gap between the company’s liability and assets is PHP229m.
MJC Investments said it’s working with the Philippine Amusement and Gaming Corp, the country’s casino regulator, to resume casino operations, as well as search for new business opportunities. While the Manila area eased some of the quarantine restrictions, mass gatherings are still prohibited and casinos remain closed.
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