Gaming-focused investments firm Premium Leisure Corporation has released its financial results for the first half of 2017 showing a 123% increase year-on-year in net revenues to nearly $20.3 million thanks in large part to its holding in the Philippines‘ City of Dreams Manila development.
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An enterprise of local gaming and leisure billionaire Henry Sy through his Belle Corporation vehicle, Premium Leisure Corporation opened the Manila integrated casino resort in partnership with Hong Kong-listed Melco Resorts and Entertainment Limited in late-2014. It declared via a Thursday update that its most recent half-year financials had been helped by the “continued operating growth in revenues from City of Dreams Manila and the overall improvement in the Philippine gaming market”.
The Manila-listed firm additionally stated that total revenues for the six months to June 30 had hit $49.8 million, which represented a boost of 58% year-on-year, and included a 109% swell to approximately $28.8 million from its investment in City of Dreams Manila.
For the three-month second quarter, Premium Leisure Corporation explained that it net income had improved by 104% year-on-year to $9.3 million with gross revenues jumping 55% to $24.7 million.
“Gaming share revenues reported at $29.6 million were higher by more than double versus the same period last year,” read a statement from Premium Leisure Corporation cited by BusinessWorld. “The company has an operating agreement with Melco [Resorts and Entertainment Limited] that entitles the company to a share of the gaming revenues from City of Dreams Manila.”
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According to a report from GGRAsia, Premium Leisure Corporation is entitled to half of all earnings from gaming before interest, tax, depreciation and amortization at City of Dreams Manila after paying Melco Resorts and Entertainment Limited a 7% incentive fee. The terms of this deal mean that it could alternatively receive 15% of mass-market net win in addition to a 5% share of VIP net win should this figure be higher than the previous arrangement.