Premium Leisure Corp reported a net income of just under PHP279.5 million in Q1 2024, dropping 55.3 percent from the previous year. The decline followed reduced gaming volumes in the VIP segment at City of Dreams Manila, where Premium Leisure holds revenue-sharing rights.
In its filing to the Philippine Stock Exchange, Premium Leisure confirmed it earned PHP401.2 million in gaming revenue share from City of Dreams Manila during the first three months of 2024. This figure marked a 43.9 percent decrease from the same period last year. The company directly linked this decline to weaker VIP activity.
Despite this setback, Premium Leisure remains an important partner in Manila’s gaming landscape. Its EBITDA dropped 46.7 percent to PHP343.9 million. Total net income for the quarter fell 32.7 percent year-on-year to PHP439.7 million, while overall revenue dipped 14.2 percent to PHP1.33 billion.
Meanwhile, Belle Corp—Premium Leisure’s parent company—moved forward with plans to delist the gaming unit from the Philippine Stock Exchange. In March, Belle Corp launched a tender offer for all outstanding Premium Leisure shares at PHP0.85 each. The offer period ended on April 24, with payments continuing through May 9.
As the VIP market tightens, operators across the region are working harder to retain high-value clients. Although Premium Leisure faced losses, it continues to invest in growth and reposition its strategy, especially as competition among integrated resorts intensifies.
