The continued exodus of online gambling locators from First Cagayan Leisure and Resort Corp. (FCLRC) has dragged the net income of Philippine-listed holding company Leisure and Resorts World Corporation (LRWC) even further.

In a disclosure to the Philippine Stock Exchange on Monday, LRWC reported that the company’s net income plunged 72 percent to PHP88 million (US$1.71 million) in the April to June 2017 period, extending its losing streak in the second consecutive quarter.

LRWC once again attributed the net income decline “to the significant loss of First Cagayan revenues when PAGCOR issued POGO licenses and the decline experienced by ABLE due to challenges in the regulatory environment.”

Its consolidated net income for the first six months of the year is at PHP362 million (US$ 7.01 million), 40 percent lower than the previous year as result of the reduction in FCLRC’s income from hosting fees.