Premium Leisure Corp (PLC), an investment holding company that participates in gaming-related businesses, has posted its financial results for the first half of 2022. The results demonstrate a strong post-COVID recovery and show the company’s strengths.
PLC Recorded Improved Revenues
As reported by PLC, the company earned around $14.69 million (current conversion rates) for the period, which represents a YOY increase of 47%. For comparison, the company roughly earned about $10 million for the same period last year. PLC also reported consolidated revenues of $21 million for the period, up 18% from H1, 2021.
The company attributed its improved results to the better economic landscape in 2022. According to a statement by a PLC spokesperson, the company’s operations during the first half of the year were strong despite the echoing effects of the COVID-19 pandemic.
Both of PLC’s Gaming Brands Performed Well
Taking a look at how PLC’s various gaming brands performed, we see that Premium Leisure and Amusement (PLAI) saw its revenue increase to $17 million. This is notably 20% more than what the brand earned during the first half of the previous year. According to PLC, PLAI’s GGR increased thanks to the waning pandemic and the eased up quarantine rules. This helped the company get its casino operations going and rake in better revenues.
Meanwhile, Pacific Online Systems Corporation (POSC), PLC’s B2B gaming brand, saw revenues increase by a more modest 7% to $3.84 million. The company dropped its KENO operations in early 2022 and instead opted to focus on Lotto sales. This strategy turned out to be a winning one. In addition, POSC’s operating expenses declined by 22% to $2.6 million, which attests to the company’s robust cost efficiency measures.
Other Philippines-related News
PLC’s results for the first half of the year are in line with the overall recovery tendency the Philippine market is experiencing. According to the PAGCOR, the country’s gaming authority, the gambling industry has been experiencing a strong recovery since the beginning of the year.
In other news, the Philippine Court of Appeals recently decided to lift the freeze on Chinese junket funds. The authority announced the end of an earlier asset preservation order which came after $81 million were stolen from the Bangladesh central bank. Sadly, the Philippine government managed to return only a fraction of the money that was originally stolen during the cyberattack.
On a separate note, in June, Universal Entertainment accused the PAGCOR of corruption amid the infamous Okada Manila incident.