Business

Willy O’s big headache: Pacific Online H1 losses more than double with zero sales in 4 months

Bilyonaryo Willy Ocier is down on his luck as his lotto business more than doubled its losses after zero revenues in four months.

Pacific Online Systems Corp. posted P163.9 million in next loss in the first six months this year or 146 percent more than P66.7 million net loss during the same period last year.

Pacific Online’s lotto outlets were closed from March 17 to June 30 due to the imosition of the lockdown to contain COVID-19. The sale of its subsidiary, Lucky Circle Corp. in February and
lower rental rate for Keno operators also dragged earnings.

Despite nil sales, Pacific Online paid all its employees full salaries and allowances.

Ocier is keeping his fingers crossed that the current modified enhance community quarantine wont be extended beyond August 15 and the government would allow lotto betting to resume (the Philippine Charity Sweepstakes Office reported incurring P13 billion in foregone revenues as of June 2020).

While its contract with PCSO has lapsed as of July, Ocier said Pacific Online would continue to operate on a monthly basis.

“With PCSO’s lottery operations still suspended, it is most likely that PCSO will not be able to commence the

process of rebidding the Philippine Lottery System (PLS) in 2020. The Company is now in the process of

drawing up with PCSO an extension of its existing agreement,” said Pacific Online.

“In the event of the final completion of the rebidding process, the Company expects that its lease

agreement with PCSO will, nonetheless, be extended by at least 18 months after the contract

award to serve as a transition period to the new system of the winning bidder,” it added.

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