Leisure & Resorts World Corp feels upbeat about the future

The Philippines may have borne the brunt of the pandemic, but this is finally coming to an end and casino & leisurely companies seem to be opening up to the idea that recovery is on the way. In fact, Leisure & Resorts World Corp is pretty certain that its results for financial 2021 have turned out pretty alright. The company’s latest filing with the Philippine Stock Exchange last week seems to suggest that the company has found a way to get its finances in order.

The company reported PHP895 million in losses - $17 million. This is much better than the PHP1.34 billion ($25 million) that the company reported back in 2020 when the worst of the pandemic had hit and business, international travel, and tourism have all come to a grinding halt.

Revenue did fall to PHP2.81 billion ($53 million) for 2021, however, which is another performance factor that the company needs to work on from now on. However, trimming costs and streamlining its internal structure have enabled it to pursue a much more sustainable model of operation. When accounting for adjusted EBITDA, another positive result was put down with the loss going down to PHP81 million or just $1.53 million, or better than the 2020 results when the adjusted EBITDA loss sat at $1.81 million.

These results may seem like a small victory but Resorts World is truly appreciative of the opportunity to make use of the opportunity. It shows that the company took lessons from the pandemic and adapted its business model. The company cautioned that it’s still very much aware of a resurgence of the COVID-19 virus and its mutations and will tread carefully.

The pandemic has called for a reevaluation of the corporation’s own models, it said in a statement to the exchange. Once firmly opposed to online gambling, Resorts World is now a licensed operator that can run retail and online sportsbooks locally, thanks to changes in law enacted by PAGCOR in order to bolster the public purse.

Leisure & Resorts World Corp is a pioneer in the online gambling space, as the company was the first to launch an online bingo product back in February. The company introduced the Online Traditional Bingo option to the Philippines which was once again done with the blessing of the national gambling regulator. Online bingo enables consumers to interact with each other while playing from their homes.

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