Premium Leisure Corporation (PLC), a subsidiary of Belle Corporation, reported an 85 percent surge in consolidated net income to P2.32 billion last year from P1.26 billion in 2022 on the back of strong gaming and lottery revenues.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its consolidated revenues rose 41 percent to P2.94 billion for the year ended 2023 from the P2.08 billion achieved in 2022.
PLC said its gaming revenue share through its wholly owned subsidiary Premium Leisure & Amusement Inc. jumped by 50 percent to P2.34 billion in 2023 from P1.56 billion in 2022 due to significantly enhanced mass and VIP operations at City of Dreams Manila.
Meanwhile, Pacific Online Systems Corporation, PLC’s majority owned subsidiary, also delivered solid results, achieving a 44 percent growth in net income to P275 million in 2023 from P191 million in the previous year.
PLC is an investment holding company that participates in gaming-related businesses in the Philippines.
Through its partnership with Melco Resorts and Entertainment (Philippines) Corporation, PLC has an interest in the development of City of Dreams Manila, an integrated entertainment and gaming complex located at the Philippine Amusement and Gaming Corporation (PAGCOR) Entertainment City in Parañaque City.
PLC also owns a 50.1 percent stake in Pacific Online Systems Corporation, a publicly-listed company that provides lottery software and equipment to the Philippine Charity Sweepstakes Office, the government entity that runs lottery operations in the country.