Higher gaming revenues from City of Dreams Manila buoy earnings of Sy-led Premium Leisure

Premium Leisure Corp. (PLC), a subsidiary of gaming and leisure development firm Belle Corp., saw its earnings surge 47 percent to P836.9 million in the first half as revenues jumped.

In a financial report filed with securities regulators, PLC said revenues grew 18 percent to P1.19 billion, largely due to more robust economic activities this year despite the continuing effects of the COVID-19 pandemic in the country.

PLC’s share in the gaming revenues of City of Dreams Manila increased by 20 percent to P970.6 million, driven by the gradual improvement in the casino operations and easing of quarantine restrictions.

Despite the termination of KENO operations last April 1, lease revenues of Pacific Online Systems Corp. went up seven percent to P218.9 million due to higher lotto sales.

POSC’s operating expenses also decreased by 22 percent to P147.2 million due to cost efficiency measures put in place.

ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.