POGOS prove to be bad news for Leisure and Resorts World
News on 15 Aug 2017
News on 15 Aug 2017
The advent of Philippine Offshore Gaming Operator licenses from Pagcor, and its impact on the licensing business of Leisure and Gaming World subsidiary First Cagayan Leisure and Resorts Corp was illustrated this week when Leisure and Gaming posted its Q2-2017 results, reporting a group overall y-o-y decrease in revenue of 11.5 percent at PHP 2.53 billion (US$49.4 million).
Net income was down y-o-y 71.3 percent at PHP 89.5 million, the group reported, noting that the decline in Cagayan business and a decrease in electronic bingo revenues were mainly responsible for the lack lustre performance.
Cagayan generated net income of PHP 15.6 million in Q2-2017, compared to PHP 218.3 million in year-on-year terms. The subsidiary generated PHP 120.9 million in gross revenues for the second quarter of 2017, representing a 74.6 percent year-on-year decrease as its licensees roster dropped from 116 to 88.
