LRW Corp. cuts losses in 2021

LEISURE and Resorts World Corp. (LRWC) declared that its 2021 year-end Ebitda (earnings before interest, taxes, depreciation and amortization) loss saw a slight improvement of 16 percent compared to the previous year. The pandemic has deeply impacted the casino and gaming sector due to the extended lockdown at its height.

For comparison, its Ebitda during 2020 was at a loss of P96 million while during 2021 it was at P81 million. Revenue decreased by 22 percent to P2.81 billion from 2020's P3.58-billion figure.

This was due to the substantial decline in traditional bingo revenue, and the Cagayan Group's hosting and licensing fees.

LRWC operating expenses declined with the company spending P4.21 billion in 2020 to just P3.24 billion during 2021, a decrease of approximately 23 percent. Its efforts and strategic planning are evident as its net loss for the year decreased from P1.34 billion in 2020 to P895 million last year, a substantial improvement of 33 percent.

The total comprehensive net decreased by 32 percent to P911 million during 2021, compared with P1.34 billion in losses during 2020.

Source: TheManila Times