EBITDA Loss Narrowed vs Year 2020: Leisure and Resorts World Corporation
Leisure and Resorts World Corporation (LRWC), publicly listed in PSE as LR, 2021 year-end EBITDA loss sees a slight improvement of 16% as compared to the previous year.
Photo Insert: BingoPlus has been giving away millions of prizes since its soft launch just 5 months ago.
Due to the pandemic, LRWC 2020 year-ending EBITDA was at a loss of Php96 million while 2021 year-ending EBITDA was at a loss of Php81 million. The improvement in 2021 EBITDA was due to expenses reduction being higher than a decrease in revenues.
Revenue decreased by 22% from Php2.81 billion compared to 2020’s Php3.58 billion. This was mainly because of the decline in traditional bingo revenue and Cagayan Group’s hosting and licensing fees.
On the other hand, decreases in total costs and operating expenses are also being observed. From 2020’s Php4.21 billion to 2021’s Php3.24 billion, a decrease of approximately 23% amounting to Php975 million was seen.
Overall, the Company’s efforts and strategic planning are evident as its net loss for the year decreased from 2020’s Php1.34 billion to 2021’s Php895 million, an improvement of 33%.
As the market recovers gradually from the pandemic, the Company is also making rigorous efforts to break through the challenges. With the launching of the Company’s newest product, BingoPlus, LRWC is positive for a better financial outlook in 2022.
BingoPlus has been giving away millions of prizes since its soft launch just 5 months ago. As of this May 30, LRWC has awarded a total of 96 bingo winners and 14 jackpot winners for a total of P161 million accumulated cash prizes. The journey has just begun and there are more in store.