Premium Leisure Corp reports 51% increase

Premium Leisure Corp (PLC) in the Philippines, which is a part of real estate business Belle Corporation, shows a 51% increase in its net income for the eight-month period ending on August 31, 2023.

Compared to the same time last year, the net income jumped to Php1.73 billion, which is about US$30.5 million. Part of the reason for the increase in growth is that it helped City of Dreams Manila reach its goals.

Belle Corporation owns the land on which the City of Dreams Manila is built. With this, Melco Resorts and Entertainment (Philippines) Corporation pays it rent to use the land. A revenue-sharing deal between PLC and Melco also brings in money for PLC.

Up until August, PLC’s share of the income had grown by 26%, which was a big change. This rise brought the total value to Php1.70 billion (US$29.9 million), which was more than the Php1.35 billion (US$23.8 million) from the year before.

The income of PLC’s company Pacific Online Systems Corporation (POSC) grew in a way that was very noticeable. In particular, POSC, which develops and manages online computer systems, terminals, and software for the Philippine lotto business, saw a big jump in income, which came to Php453.5 million (about $8 million). This shows a growth rate of 45%, which is a lot.

The POSC and the Philippine Charity Sweepstakes Office (PCSO) have recently announced that they want to move into online gaming. This is because customers want more digital options. In August, the POSC organization and the PCSO organization signed an official Memorandum of Agreement to start a one-year trial term for the development of a Web-Based Application Betting Platform (WABP).

The main goal of the WABP, which is being followed by the PCSO, is to grow and support betting platforms that are more flexible and up-to-date, allowing them to keep up with market trends and technological advances. The deal includes a trial period of one year, during which Pacific Online will be PCSO’s only agency. Pacific Online will get 14% of the gross sales that PCSO makes through the WABP. The deal could be made again.

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Original story by: IAG