
Premium Leisure Corp. (PLC), a Philippines-based company operating in the integrated resort, casino, and lottery sectors, achieved significant growth in 2023.
In its latest announcement, PLC attributed its remarkable performance to the outstanding growth of its gaming revenue share, primarily driven by its wholly-owned subsidiary, PremiumLeisure & Amusement, Inc. (PLAI).
As an investor in City of Dreams Manila, PLC saw a remarkable 50 percent increase in its gaming revenue share in 2023, reaching PHP2.34 billion, compared to PHP1.56 billion in 2022.
In terms of consolidated revenues, PLC experienced a substantial 41 percent growth in 2023, amounting to PHP2.94 billion, compared to PHP2.08 billion in the previous year.
This surge in performance translated into a consolidated net income of PHP2.33 billion ($42 million) in 2023, marking an impressive 85 percent rise from the net income of PHP1.26 billion in 2022.
PLC emphasized in its press release that this substantial growth underscores its strong financial performance and successful strategies in navigating the market landscape.
Furthermore, Pacific Online Systems Corporation (POSC), a majority-owned subsidiary of PLC, also achieved noteworthy results in 2023. The company recorded a gross revenue of PHP601 million from Equipment Rental and Commission Income, reflecting a 16 percent increase from the PHP519 million revenue in 2022.
PLC’s operating EBITDA for 2023 reached PHP2.25 billion, showing a significant 59 percent increase from the EBITDA of PHP1.41 billion in the previous year.
The trend is showing that the market has been on an uptick on gaming revenues from casino operators. This is probably due to more people being able to freely travel and spend coming out of the pandemic. Both land based and online gaming have seen such growth in the past year alone and hopefully this continues on this year as well.