THE government’s Philippine Amusement and Gaming Corp. (Pagcor) has awarded four contracts to a unit of listed gaming firm Leisure & Resorts World Corp. (LRWC).
“Blue Chip Gaming and Leisure Corp (BCGLC), a subsidiary of LRWC, received a letter today from Pagcor informing that Pagcor’s board of directors approved and confirmed the assignment in favor of BCGLC of the Contracts of Lease over four Pagcor VIP Clubs.”
LRWC disclosed to the Philippine Stock Exchange on Thursday.
The four VIP gaming deals are located at the Subic Bay Freeport Zone in Subic, Zambales, with Palmgold International Limited; Pan Pacific in Malate, Manila, with Pacific Palm Corp.; Paseo Premier Hotel in Sta. Rosa, Laguna, with Pacific Palm Corp.; and Apo View Hotel in Davao City, also with Pacific Palm Corp.
“The confirmation and approval of said assignment is still subject to the execution of the amended contracts of lease covering the aforementioned VIP clubs in favor of BCGLC,” LRWC added.
In the first nine months of the year, LRWC had a 52-percent increase in net income at P801 million despite the downturn in the gaming industry.
The firm earlier said it is still “on track” with its net income targets to hit the P1 billion mark by yearend.
LRWC, through its subsidiaries, operates bingo parlors nationwide, mostly located in major shopping malls in Metro Manila and in key provincial cities.
The company has bingo and eCasino outlets through AB Leisure Exponent and Total Game Zone Extreme. It also has an online gaming based in Cagayan through First Cagayan Leisure and Resorts Corp., First Cagayan Converge Data Center Inc., and LR Land Developers Inc. It likewise has casino operations in Midas Hotel and Casino through subsidiary Prime Investment Korean Inc. and Hotel Enterprises Philippines Inc.
LRWC also has property and investments through a 30-percent share in City of Dreams via lease payments from Belle Corp. to its subsidiary AB Leisure Global Inc.