Bingo Bonanza net income up 13.7% in Q1

Leisure and Resorts World Corp.’s (LRWC) core business, Bingo Bonanza Corp., posted a 13.7-percent improvement in its net income and breached the billion-mark in gross revenue as early as the first quarter of 2012.
In a disclosure to Philippine Stock Exchange, LRWC said that the rapid sales increase was attributed to new gaming products, i.e. electronic bingo, rapid bingo, pull-tabs, and instant charity bingo, that are being played with higher frequency and are not time-bound like the traditional bingo game.
LRWC posted a consolidated net income of P21 million for the first quarter of 2012, inclusive of Bingo Bonanza’s net income.
According to a statement, the company’s consolidated net income would have amounted to P64.2 million in the first quarter of 2012, exclusive of the pre-operating expenses incurred by its newest subsidiary, AB Leisure Global Inc.
Bingo Bonanza currently operates 58 bingo parlors nationwide and as of March 2012, a total number of 3,204 bingo machines are actively operational in all its branches and subsidiaries.
A major expansion is underway with the opening of an additional 25 new bingo sites in high-traffic areas within Metro Manila. To sustain the momentum of its growth, Bingo Bonanza is acquiring an additional 2,000 bingo machine units for deployment within the year.

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