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.
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Gaming revenue grossed by the U.S. commercial land-based gaming industry in 2023, according to data by the American Gaming Association