Leisure and Resorts World Corp. (LRWC), an operator of various hotel and gaming sites in the Philippines, on Wednesday said its unit, Total Gamezone Extreme Inc. (TGXI), has been given the go-ahead by the country’s gaming regulator to commence operations.
The company said in its disclosure that state-owned Philippine Amusement and Gaming Corp. (Pagcor) has approved the accreditation of Total Gamezone as an electronic games system service provider with its EGS brand Gamezone.
“TGXI officially launched its own electronic gaming system and remote gaming platform,” LRWC said.
“As most businesses switch to a work from home scheme, and social distancing protocols being imposed due to the Covid-19 pandemic, LRWC also strives its way in this new normal by continuing to provide services to its customers through TGXI’s remote electronic gaming.”
LRWC’s electronic gaming system and remote gaming platform was initially launched on July 15. The system aims to provide players with a convenient platform wherein players can play online anytime. The system is also available on some of the physical sites of TGXI.
The platform is accessible to all registered players of TGXI and offers a variety of games, such as Habanero, CQ9, Pocket Game Soft and Playground Technology. Some additional new games are also coming along the way, the company said.
LRWC posted an attributable net loss of P358.3 million in the first semester, narrower than the previous year’s loss of P500.9 million. The improvement is mainly due to the significant decline in costs which was partially offset by the decline in gross gaming revenue brought about by the closure of its sites due to strict health protocols.
Gross profit fell by more than a third to P530.27 million from last year’s P834.44 million mainly due to the reduction in gaming revenue from all segments.
“All casino and retail sites were closed from mid-March 2020. After submission of strategic return to work guidelines and safety operation measures, we were able to open 10 Retail sites with 50 percent occupancy by the end of June and open 3 sites of Blue Chip by the middle of June,” the company said.
Gross revenues from the casino business declined by 62 percent to P294.04 million from last year’s P781.7 million as its income from junket operations fell by 100 percent.