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City of Dreams partner books P1.34-B net income in 2014

Premium Leisure Corp. (PLC), whose wholly-owned unit is a co-licensee in City of Dreams Manila, reported a consolidated net income of P1.34 billion in 2014 on the heels of a restructuring that repositioned the company as a gaming-focused investment vehicle of the Sy family.

Its 2014 results reversed an P8.73 million net loss incurred in 2013, according to a regulatory filing before the Philippine Stock Exchange

“In 2014, PLC underwent a corporate reorganization with its parent company, Belle Corp., that repositioned PLC as a gaming-focused investment company through the acquisition of PremiumLeisure and Amusement Inc. (PLAI), and a 34.5 percent stake in Pacific Online Systems Corp. (POSC) from Belle,” the disclosure read.

In June 2014, Belle Corp. said the move was to consolidate all of its gaming interests under Premium Leisure.

PLAI is part owner of the $1.3-billion City of Dreams Manila in PAGCOR Entertainment City which opened its doors to the public last December 14 and threw a grand opening party on February 2.

Its partner in City of Dreams is Melco Crown (Philippines) Resorts Corp., the local unit of Macau-based casino and resorts developer Melco Crown Entertainment Limited of Australian billionaire James Packer and the son of Macau gambling tycoon Stanley Ho.

In the same disclosure, Premium Leisure said its Board of Directors approved a P0.022 per share cash dividend equivalent to approximately P700 million in favor of its common share holders.

“The amount of cash dividend is approximately 94.63 percent of 2014 unrestricted retained earnings (based on PLC parent company audited financial statements),” PLC said.

The dividend is payable on April 17, 2015 to shareholders of record as of March 20, 2015.

Danessa O. Rivera/VS, GMA News

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