Premium Leisure’s profit up 419% to Php 1.2B in 2016
By Leslie D. Venzon
MANILA, Feb. 24 (PNA) — Premium Leisure Corp. (PLC), the gaming and investment arm of SM Group, booked a 419-percent surge in profit in 2016 mainly driven by higher gaming share revenues from its integrated resort and casino City of Dreams Manila.
PLC told the local bourse its consolidated net income reached Php `1.2 billion in 2016 from Php 223.2 million the previous year.
It attributed the significant growth also to the full-year consolidation of Pacific Online Systems Corp. (POSC) in 2016.
PLC, formerly known as Sinophil Corp., has ownership stakes in Premium Leisure and Amusement, Inc. (PLAI) and POSC.
PLAI is a co-licensee in City of Dreams Manila located within Pagcor’s landmark Entertainment City and has a share in the gaming revenues of this project.
City of Dreams Manila is built in partnership with MCE Leisure, a wholly-owned indirect subsidiary of Melco Crown Philippines.
The integrated resort and casino commenced operation on Dec. 14, 2014 and had its grand opening in February 2015.
POSC, a 50.7 percent-owned subsidiary of PLC, is engaged in the development, design, and management of lottery software and terminals for its principal client, state-run Philippine Charity Sweepstakes Office (PCSO). (PNA)