Since casino and lottery activities were impacted by the coronavirus disease 2019 (COVID-19) constraints, REMIUM Leisure Corp.’s (PLC) annual net attributable income fell by 77 percent to P517.57 million from P2.26 billion.
“The consequences of the COVID-19 pandemic affected City of Dreams Manila’s gaming operations as well as PCSO’s (Philippine Charity Sweepstakes Office) national lottery operations,” the group said in a regulatory filing on Monday.
Premium Leisure and Amusement, Inc., a co-licensee of the City of Dreams Manila, is owned entirely by PLC. Pacific Online Systems Corp., whose primary client is PCSO, has 50.1 percent of the company’s shares.
The firm made P963.66 million in annual sales, down 76 percent from the P3.97 billion it made the previous fiscal year.
Gaming sales fell by 79% to P635.22 million from P2.98 billion, while equipment rental fell by 57% to P293.10 million from P681.48 million.
Meanwhile, fee and distribution profits fell by 89 percent to P35.33 million from P308.38 million.
To retain its financial status, PLC stated it will have to practice “prudent financial control.”
It said, “The group is focusing on streamlining processes to reduce costs and searching for ways to increase profitability and cost effectiveness.”
PLC would still search at other ways to expand its business by making sustainable acquisitions.