Net income of Leisure and Resorts World Corp. (LRWC) took a nosedive by 69.7 percent in the first quarter of 2018 after the Philippine-listed gambling firm pulled out their investments from the City of Dreams Manila (COD Manila) project.

Financial data provided by LRWC showed that its consolidated net income fell to PHP82.4 million ($1.57 million) in the first three months of the year from PHP272.1 million (US$5.46 million) reported in the same period last year.

LRWC noted that its consolidated income would have increased by PHP34 million ($649,338) if not for the series of unfortunate events that had happened in the company. The Philippine-listed firm mainly attributed the net income decline to its decision to divest PHP173 million ($3.3 million) from COD Manila project.

It would be recalled the LRWC, through its wholly-owned subsidiary AB Leisure Global Inc., sold its interest in COD Manila to Belle Corp. in November 2016. LWRC remained an investor of COD Manila until March 31, 2017.