Premium Leisure posts 319% hike in 2016 net income

MANILA, Philippines -  Premium Leisure Corp. (PLC), the gaming and leisure company of Henry Sy, reported a consolidated net income of P1.2 billion last year, a sharp rise of 319 percent from the P223.2 million booked in 2015.

The company attributed the strong 2016 results to the improving performance of City of Dreams Manila, the resort in Pagcor’s Entertainment City wherein the company has a share in gaming revenues.

“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 Corp. in 2016,” PLC said.

PLC is a listed gaming-focused investment company with ownership stakes in PremiumLeisure and Amusement Inc. (PLAI) and Pacific Online Systems Corp. (POSC). PLC was formerly known as Sinophil Corp.

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).

PLAI, a wholly owned subsidiary of PLC, is a co-licensee in the City of Dreams Manila.

City of Dreams Manila was built in partnership with MCE Leisure, a wholly-owned indirect subsidiary of Melco Crown Philippines.

The casino resort commenced operation on Dec. 14, 2014 and had its grand opening in February 2015.

Melco Crown (Philippines) earlier reported that its operating income reached $19.917 million in the fourth quarter of 2016, a marked turnaround from the $47.534 million loss posted a year ago.

For the whole of 2016, City of Dreams booked an operating income of $38.705 million, from a loss of $126.3 million last year.

Net revenue at City of Dreams Manila reached $144.7 million in the fourth quarter of last year compared to $80.9 million in the fourth quarter of 2015.

In terms of volume, City of Dreams churned in rolling chip volume of $2.1 billion in the fourth quarter versus $1.3 billion a year ago, with the rolling chip win rate at 3.5 percent during the period from 2.1 percent a year ago. This is higher than the rolling chip win rate change of 2.7 percent to three percent.