GGRAsia – Casino games parlour chain sold in Philippines

Casino games parlour chain sold in Philippines

Jul 21, 2014 Newsdesk Industry Talk, Latest News, Philippines, Top of the deck

Premiere Horizon Alliance Corp said on Monday that it had completed the sale of its shares in an Internet café-based casino games business in the Philippines.

According to a filing with the Philippine Stock Exchange, the deal is worth PHP620 million (US$14.3 million).

Premiere Horizon sold its 100 percent holding in newly-incoporated Total Gamezone Xtreme Inc, the parent company of Digiwave Solution Inc, to another Manila-listed firm, Leisure & Resorts World Corp.

The Digiwave Solution venues are licensed by the Philippine Amusement and Gaming Corp (Pagcor), the operator-cum-regulator of casino games in the country.

Leisure & Resorts World is a holding company with a wide range of interests in the entertainment sector, including a capital investment – via its 100-percent owned unit AB Leisure Global Inc – in the under-construction Philippines casino resort City of Dreams Manila.

Leisure & Resorts World also owns just under 70 percent of First Cagayan Leisure and Resort Corp – the master licensor for offshore online gaming permits issued by the Cagayan Special Economic Zone for websites aimed at overseas customers.