Premium Leisure net boosted by casino unit

PREMIUM Leisure Corp. (PLC), a subsidiary of gaming firm Belle Corp., closed 2023 with a net income of P2.3 billion, up 85 percent from P1.3 billion a year earlier, on solid contributions from its resort and casino complex, City of Dreams Manila.

Consolidated revenues expanded 41 percent to P2.9 billion from P2.1 billion, the holding company told the stock exchange on Friday.

It said higher income contributions were also recorded from its wholly owned unit, Premium Leisure and Amusement Inc. (PLAI), which earns a share of gaming revenues from City of Dreams.

Gaming revenue share through PLAI was up 50 percent at P2.3 billion from 2022’s P1.6 billion following “significantly enhanced mass and VIP segment casino operations at City of Dreams Manila.”

PLC parent Belle Corp. and Melco Resorts and Entertainment (Philippines) Corp. have a cooperation agreement in the development of City of Dreams Manila, an integrated entertainment and gaming complex located within the Pagcor Entertainment City in Parañaque in Metro Manila.

The company’s earnings also received a boost from its 51-percent owned subsidiary, Pacific Online Systems Corp., whose net income rose 44 percent to P275 million from P191 million a year earlier.

Pacific Online Systems is a listed company that leases betting software and equipment to state-run lottery operator Philippine Charity Sweepstakes Office.

Last October, PLC announced a P3.0-billion investment in wholly owned subsidiary Sinophil Leisure and Resorts Corp. via a subscription to common shares, although no further details were disclosed.

On Friday, Premium Leisure shares were up 1.39 percent at 73 centavos each, while those of parent firm Belle Corp. were down 4.07 percent at P1.28 apiece.