PhilWeb Posts Record Revenues

PhilWeb Corporation earned 56.3 million pesos in revenues last July 2021, its highest since its IPLMA with PAGCOR expired in August 2016.

Photo Insert: PhilWeb hit the jackpot with record revenues last July 2021.

This surpassed the 50.2 million pesos in revenue recorded last March 2021. The company’s July 2021 results came immediately after reporting a second-quarter net loss of 29.9 million pesos.

“Our Q2 results were due to the loss of revenues from temporary site closures brought about by the tighter quarantine measures,” explained Brian Ng, president of PhilWeb. “Of greater significance, we managed to launch our PAGCORlicensed remote gaming platform at the end of March, which provided PhilWeb and our business partners, a continuing source of gaming revenues even as the brick and mortar gaming venues were shut down for most of the quarter.”

“We were pretty much in a similar situation last year, but our EBITDA losses are narrower due to remote gaming; we’ve managed to bridge the quarter without the need for external funding,” he added.

Gregorio Ma. Araneta III, Chairman of PhilWeb commented, “Our strong July performance is a result of the investments we’ve made in the business earlier this year, with the acquisition of additional gaming sites and eBingo machine businesses, as well as the additional contributions from our remote gaming platform.

Even with on-site gaming venues not being allowed to operate 24/7 or at full occupancy, we now have an improved and diversified portfolio of products to weather the business disruptions taking place as we navigate through this pandemic.

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