LRWC Core Business Breaches Billion Mark in 1st Quarter

Ortigas–(PHStocks)–Leisure and Resorts World Corporation’s (LRWC) core business, AB Leisure Exponent Inc. (ABLE a.k.a. Bingo Bonanza Corporation), gross revenue breaches the billion mark as early as the first quarter of 2012. At the same time, net income posted a double digit growth of 13.7%.

Rapid sales increase was attributed to new gaming products, i.e. electronic bingo; rapid bingo; pull-tabs; and instant charity bingo, that are played with higher frequency and are not timebound like the traditional Bingo game. ABLE currently operates 58 bingo parlors nationwide.As of March 2012, a total number of 3204 Bingo Machines are actively operational in all its branches and subsidiaries. A major expansion is underway by the opening of an additional twenty five (25) new Bingo Sites in high-traffic areas within Metro Manila. With the intention of sustaining the momentum of this growth, ABLE is acquiring an additional 2,000 Bingo Machine Units for deployment within the year.

LRWC posted a consolidated net income of P21.0 million for the first quarter of 2012, including ABLEs reported net income stated above. LRWCs consolidated net income would have amounted to PhP64.2 million in the first quarter of 2012, exclusive of the pre-operating expenses incurred by its newest subsidiary, AB Leisure Global Inc. (ABLGI). Revenues and profits of LRWC’s portfolio remain strong.

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