Leisure & Resorts reports 2012 net income of P280M

Leisure & Resorts World Corp. on Friday reported a net income of P280 million last year, a reversal of the P36.67 million loss incurred in 2011, fueled by higher contributions from its main subsidiaries. In a disclosure to the Philippine Stock Exchange, the company said 100 percent owned AB Leisure Component Inc. chalked up a net profit of P148 million, up 42 percent from P104.14 million. First Cagayan Leisure & Resorts Corp.—a 69.68-percent owned subsidiary—booked an income of P154 million, an increase of 68 percent from P92.17 million. Newly-acquired Midas Hotel and Casino, meanwhile, reported a 39 percent rise in hotel room revenues in December compared to November 2012.  Net winnings from slot machines and tables games were over 70 percent of November revenues. The company is providing funds for Belle Corp.'s $1-billion integrated resort project—a partnership with Macau casino giant Melco Crown Entertainment. The investment is equivalent to at least 30 percent of the value of the land and the actual development costs of the buildings already constructed.   The investment entitles Leisure & Resorts to receive 30 percent of the net lease income Belle Corp. will be receiving from the project. — VS, GMA News