Bingo Bonanza profit up 233%

AB Leisure Exponent Inc. (ABLE), which owns Bingo Bonanza bingo parlors all over the country, reported a profitability increase of 233 percent in the second quarter, from a loss of P4.9 million in the first quarter to a profit of P6.5 million in the second quarter. Second quarter sales reached P506.4 million, posting a net income of P1.55 million for the first half of the year.

The company attributed the turnaround in its bottom line to the more stable political environment and ABLE’s cost-cutting measures.

Bingo Bonanza, which enjoys about 50 percent market share in bingo revenues in the country, maintains its lead by consistently introducing new game products. ABLE plans to introduce to the Philippine bingo market bingo game variants proven successful abroad. An example of which is the PAGCOR-approved electronic bingo, which caters to players who prefer faster games to the traditional bingo games at the halls.

It is anticipated that this will expand ABLE’s market base. Given the introduction of high technology into bingo games that promote better audiovisuals, dedicated time to each individual player and availability of play on call, ABLE sees this as a promising area where increased revenues can be expected in the medium term.