Philippine-listed Premium Leisure Corp reported first-quarter 2024 net income of 279.5 million pounds ($4.9 million), down 55.3% from a year ago.

Premium Leisure is an investor in City of Dreams Manila, a casino resort run by a division of Melco Resorts & Entertainment Ltd. in the capital of the Philippines. Premium Leisure gets a stake through one of its divisions of gaming revenue generated from City of Dreams Manila.

In a recent filing with the Philippine Stock Exchange, Premium Leisure said City of Dream Manila's gaming revenue share fell 43.9% year-on-year to 401.2 million PHP in the January-March period of 2024.

The company attributed the drop in the share of gaming revenue to the "low" size of its business in the casino "VIP segment" of City of Dreams Manila.

Premium Leisure's operating profit before interest, taxation, depreciation and amortisation (EBITDA) fell 46.7% year-on-year to 343.9 million PHP in the three months to March 31.

Premium Leisure is a company linked to Philippine Stock Exchange-listed company Vele. Vele's first-quarter total net profit fell 32.7% year-on-year to 439.7 million PHP, down 14.2% year-on-year to 1.33 billion PHP.

In March, Bell announced that it aimed to apply for "voluntary delisting" of Premium Leisure to the main board of directors of the National Stock Exchange. The parent company priced its public offering of PHP 0.85 each for all of Premium Leisure's issued common shares.

The tender offer period ended on April 24, with the payment and settlement of the tender shares to be carried out until May 9.

Under Philippine Stock Exchange rules, Belle must receive and accept an offer for at least 95% of Premium Leisure's issued capital for delisting to proceed.

BY: 바카라 필승법