Henry Sy gaming investment firm nearly doubles profit
Premium Leisure Corp. said its net income in the nine months to September surged 94 percent to P1.5 billion, mainly driven by a robust gaming market.
The strong results were attributed to the continued rise in PLC’s “gaming share revenue from the overall improvement in the Philippine gaming market, particularly the gaming operations of City of Dreams Manila as well as the increase in equipment lease rentals resulting from the higher national lottery and KENO sales of the Philippine Charity Sweepstakes Office (PCSO) for the year.”
Total revenue reached P3.84 billion, up 54 percent from the year earlier. That included P2.16 billion from the firm’s share of gaming revenues at City of Dreams Manila or an increase of 95 percent year on year.
PLC has an operating contract with Macau casino giant Melco Crown Entertainment that entitles the former to a share in gaming revenues in City of Dreams Manila.
Revenues from equipment lease rentals, commission and distribution income through PLC’s 50.1 percent owned subsidiary Pacific Online Systems Corp. grew 21 percent to P1.68 billion due to higher lotto and Keno sales coming from higher jackpot prize games and the roll out of additional terminals.