LEISURE & Resorts World Corp. (LRWC) said it would push its online products to the market for the remainder of the year as part of its retail expansion plans.
“We will remain steadfast in pushing our online products which are seen to be the ‘blue ocean.’ We will be aggressive in the pursuit of player registrations, deposits, and gaming transactions,” the company said in a disclosure.
It described a blue ocean as a new market with little completion or barriers standing in the way of innovators.
“As the online products can also be played in our branches, we shall continue upgrading our network connectivity and hardware,” the firm added.
LRWC said that it would also push for more variety and availability of its games.
“With these efforts, we see steep revenue growth in our newly launched and yet to be launched online products. These are our new engines of growth and our vehicle to address changing consumer trends driven by the pandemic,” the company said.
“Thus with these innovations, we expect this year to be a recovery year alongside projected increase in household incomes and foot traffic and decrease in COVID-19 (coronavirus disease 2019) cases and quarantines,” it added.
For its casino business, LRWC will be working on improving its products, marketing and promotion, club enhancements, and safety protocols.
In its unaudited financial statement, LRWC reported that its first quarter net loss after tax grew to P223.07 million from a loss of P110.04 million in 2021.
Revenues likewise declined to P929.01 million from P942.35 million.
On Tuesday, LRWC shares gained by 4.51% or six centavos to close at P1.39 at the stock exchange. — Luisa Maria Jacinta C. Jocson