City of Dreams boosts PLC profits to

Gaming firm Premium Leisure Corporation (PLC), formerly Sinophil Corporation, reported that its consolidated net income shot up 419 percent to R1.2 billion last year from the R223.2 million earned in 2015.

In a disclosure to the Philippine Stock Exchange, the firm said operating EBITDA (proxy for cash flow) for the year amounted to R1.9 billion, more than double than its reported EBITDA in 2015.

The significant growth is attributable to higher gaming share revenues from City of Dreams Manila as well as the full-year consolidation of Pacific Online Systems Corporation in 2016.

As a result of its strong performance for the year, PLC declared regular cash dividend of R888 million, or approximately R0.0281 per share to its common shareholders.

The amount of cash dividends is approximately 81 percent of PLC’s 2016 unrestricted retained earnings (based on parent company financial statements). Cash dividend is payable on March 23, 2017 to its shareholders of record as of March 10, 2017.

PLC is a gaming-focused investment company which owns Premium Leisure and Amusement, Inc. (PLAI) and part of Pacific Online Systems Corporation (POSC).

PLAI is a co-licensee in City of Dreams Manila, the integrated resort and casino project within the Pagcor Entertainment City, and has a controlling stake in the gaming revenues of this project.

City of Dreams Manila was built in partnership with MCE Leisure, a whollyowned indirect subsidiary of Melco Crown Philippines. City of Dreams Manila has commenced operation on December 14, 2014 and had its grand opening in February 2015.

POSC is a 50.7 percent-owned subsidiary of PLC. POSC is engaged in the development, design, and management of lottery software and terminals for its principal client, state-run Philippine Charity Sweepstakes Office (PCSO).