Philippines gaming and technology firm DigiPlus Interactive Corp, formerly known as Leisure & Resorts World Corp, has recorded a near tenfold year-on-year increase in net income to Php2.1 billion (US$37.5 million) for the first nine months of 2023, driven by growth in its digital retail gaming segment, the launch of new game offerings as well as cost efficiencies, the company said in a filing.
Revenues for the same period almost tripled to Php16.0 billion (US$286 million) on higher user traffic in its flagship livestreaming bingo game under BingoPlus and digital sports betting under ArenaPlus. These, DigiPlus added, were lifted by aggressive advertising and promotion efforts.
EBITDA jumped 390% from a year ago to Php2.5 billion (US$44.7 million).
According to DigiPlus, growth was particularly strong in the September quarter, which saw net income increase by 132% year-on-year to Php1.0 billion (US$17.9 million), with revenue up 144% to Php7.0 billion (US$125 million) and EBITDA by 123% to Php1.3 billion (US$23.2 million), bolstered by the introduction of new digital games in both platforms.
“The sustained growth momentum in our BingoPlus and ArenaPlus platforms combined with the promising prospects for our new game offerings put us in a strong position to capture the opportunities around digital entertainment,” said DigiPlus President Andy Tsui.
“We continue to be positive about our growth trajectory as we execute on our vision to harness technologies to unlock new forms of entertainment for Filipinos that can be accessed anytime and anywhere.”
Recent initiatives, DigiPlus explained, include the September launch of Color Game, a livestreaming specialty game that mirrors the traditional carnival game, available in its BingoPlus and ArenaPlus platforms.
“To cater to broader demographics and lifestyle preferences, DigiPlus will launch in the coming months new and innovative game offerings, including a cards game,” the company added.
DigiPlus recently confirmed it would not pursue in the short-term development of an integrated resort on the Philippines island of Boracay, focusing instead on its digital product initiatives. The company had been looking to partner with Macau’s Galaxy Entertainment Group on the IR before Galaxy revealed recently it was not currently interested in pursuing the partnership.
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