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LRWC to expand bingo, e-casino businesses

 

LISTED Leisure and Resorts World Corp. (LRWC) is focusing its expansion program on its retail and slot-machine business after the segment had registered double-digit revenue growth.

In a statement over the weekend, LRWC said it planned to acquire 10 to 15 new sites to expand its bingo, e-casino and slot-machine businesses.

Funds for this purchase would come from its P4.4-billion private placement in March, in which some 1.2-billion common shares of the company were sold at P3.60 apiece.



Fortunegate Holdings Philippines Inc., Millennium Pan Asia Business Management Services Inc., XII Capital Inc. and Diamond Fortune Holdings Inc., subscribed to 230 million common shares each; LeisureAdvantage Inc. bought 176.6 million; and Euphonious Holdings Inc., 121 million.

LRWC also said it would also renovate and modernize existing outlets to give its players a first-class gaming experience.

LRWC ended 2018 with 192 sites, including nine new ones.

The company owns bingo parlors and has an existing license agreement with the Cagayan Economic Zone Authority to develop and operate internet and gaming enterprises and facilities in the Cagayan Special Economic Zone Freeport. It is also into the hotel and recreation business.

Shares of LRWC finished up by 9 centavos or 2.47 percent to P3.74 each last Friday.

 

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