A wholly owned subsidiary of Leisure and Resorts World Corp. (LRWC) has secured a deal with Philippine Amusement and Gaming Corp. (Pagcor) to conduct junket gaming operations at the Midas Hotel and Casino in Roxas Boulevard, Pasay City.
In a disclosure to the Philippine Stock Exchange on Monday, LRWC said that its unit Prime Investment Korea Inc. (PIKI) and Pagcor executed an agreement to jointly conduct junket gaming operations within Pagcor’s Casino Filipino-Midas located at the Midas Hotel.
The junket agreement, according to LRWC, is effective for a period of three years and renewable at the option of Pagcor.
Concurrent with the execution of the agreement with Pagcor, PIKI also executed a sub-agency junket agreement with Gurutech Asia Inc. as sub-agent.
The agreement involves PIKI and the sub-agent jointly conducting junket gaming operations in accordance with and under similar terms and conditions as the Pagcor junket agreement.
Four days ago, Reynaldo Bantug, LRWC chairman and president, said that the company is on the lookout for more existing hotel and casino establishments to add to its portfolio. He also said that the company may see a stronger financial performance in the second half of the year.
Madelaine B. Miraflor