The newly elected Board of Directors of Premium Leisure Corp.
Premium Leisure Corp. (PLC) livestreamed the Company’s Annual Stockholders’ Meeting on June 25, 2021. This year’s virtual meeting was held to make certain shareholder safety and well-being amid the spread of COVID-19.
Elected to PLC’s Board were Willy Ocier, Chairman; Armin Antonio Raquel Santos, Director; Exequiel Villacorta, Jr., Director; Juan Victor Tanjuatco, Independent Director; Jaime Bautista, Independent Director; Maria Gracia Tan, Independent Director; and Jerry Tiu, Independent Director.
Mr. Raquel Santos, PLC President and Chief Executive Officer, remained confident of the Company’s prospects despite the ongoing health and economic crisis. “While the COVID-19 pandemic has impacted our business in 2020, we look further to collaborate with our partner, Melco Resorts and Entertainment (Philippines) as we prepare for the eventual full re-opening of the City of Dreams Manila integrated resort with due consideration on the continued safety and protection of all our stakeholders.”
This year, PLC declared a regular cash dividend of Php 4 centavos per share on April 14, 2021, for a total dividend payment of approximately Php1.288 billion to shareholders.
Below is the full text of Mr. Raquel Santos’ report:
Good morning. Welcome, and thank you for joining us today in the 2021 Annual Stockholders’ Meeting of Premium Leisure Corp.
2020 proved to be a challenging year for our Company as it experienced a slowdown in gaming revenues due to the Covid-19 pandemic. Total revenues stood at Php 963.7 Million, down by 76% versus 2019 figures, while net income was Php 323.7 Million as against Php 2.1 billion the year prior.
On March 16, 2020, the Philippine Amusement and Gaming Corporation or PAGCOR temporarily suspended all casino operations when Metro Manila was placed under the Enhanced Community Quarantine (ECQ) in order help curb the spread of the virus. Gaming operations thereafter were allowed with limited capacity while implementing very strict health and social distancing protocols. Our share in the gaming revenues at City of Dreams contracted by 79% from Php 2.97 Billion in 2019 to Php 635.2 Million for 2020.
The operations of our subsidiary, Pacific Online Systems Corporation or Pacific Online, which leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery and keno operations, were likewise suspended during the ECQ, only to resume after July 31, 2020. As Pacific Online’s revenues are highly dependent on PCSO’s lotto and KENO sales, it posted a decline in revenues in 2020 by 67% or Php 328.5 Million from Php 989.9 Million in 2019.
Our Company’s consistent profitability from previous years and its strong financial management enabled us to declare a regular cash dividend of Php 4 centavos per share on April 14, 2021, for a total dividend payment of approximately Php1.288 billion to our shareholders.
While the COVID-19 pandemic has impacted our business in 2020, we look further to collaborate with our partner, Melco Resorts and Entertainment (Philippines) as we prepare for the eventual full re-opening of the City of Dreams Manila integrated resort with due consideration on the continued safety and protection of all our stakeholders. Pacific Online, on the other hand, further strengthens its partnership with the PCSO having participated in the nationwide bidding of lottery system early this year.
We also re-affirm our commitment to good governance practices anchored on integrity, respect and transparency. We will continue to look for strategic investments that will enhance shareholder value as well as protect the welfare and interest of our employees and other stakeholders.
On behalf of the Management Team, we wish to express our gratitude to thank our Board of Directors for their unwavering guidance and our employees for their dedication and perseverance. We look forward to working with you and our many stakeholders as we strive to be a sustainable company.
Thank you for your continued support.
About Belle Corporation
Belle Corporation is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco). In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 78.7%-owned subsidiary, Premium Leisure Corp., and Melco. Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site.
South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.