Philippines online gaming specialist DigiPlus Interactive Corp said in a Friday letter to the Philippine Stock Exchange the firm “continues to evaluate potential acquisitions” with “no definitive agreements or plans” finalised currently.
The communication followed an article in the news outlet Bilyonaryo titled: ‘From bingo to online gaming to casino? DigiPlus eyes buyout of billionaire Lawrence Ho’s stake in City of Dreams Manila.’
The Philippine bourse had sent a letter on Friday to DigiPlus, seeking clarification on the report, stated DigiPlus. The firm’s reply did not mention either City of Dreams Manila or Lawrence Ho Yau Lung, the chairman and chief executive of the property’s current operator, Melco Resorts & Entertainment Ltd.
DigiPlus stated to the stock exchange: “The company continues to evaluate potential acquisitions that may complement its existing digital assets as part of its strategic expansion programme. However, no definitive agreements or plans have been finalised at this time.”
The news outlet had said that DigiPlus, operator of the BingoPlus, ArenaPlus and GameZone online gaming brands, had “emerged as the most likely buyer of City of Dreams”.
DigiPlus’ stock had closed up slightly on Friday, at PHP22.50 (US$0.393), according to stock exchange data. But it was well below a June 10 high of PHP65.10, around the time news emerged of possible political pushback against domestic online gaming.
Belle Corp, controlled by the Sy family, a clan of leading Philippine entrepreneurs, is entitled to a share of revenues or earnings from gaming operations at City of Dreams Manila in the Philippine capital, through an operating agreement between Belle’s subsidiary Premium Leisure Corp, and a unit of Melco Resorts.
In May, Melco Resorts had said it was talking to “potential buyers” regarding its interest in the City of Dreams Manila complex. It didn’t identify any suitors.
Before that, in late February, the firm stated it was looking at “strategic alternatives” regarding the future of its involvement in City of Dreams Manila.
Last week, DigiPlus said it was due to launch today (September 22) its online gaming operations in Brazil.
The future of the Philippine domestic online gaming sector – in terms of its regulation and status – is currently being discussed in the Philippine Congress.
The Bilyonaryo article suggested DigiPlus had been “staggered by the pushback on online gaming” within the Philippines, and “has been negotiating with Melco over the past few months to take over as operator” at City of Dreams Manila.
A week ago, the Manila Standard reported DigiPlus was talking to unidentified parties about taking over an unnamed land-based casino, but that talks had stalled.
Last November, it was reported that DigiPlus was considering the acquisition of CasinoPlus, an online gaming provider that also holds a gaming licence for the Hotel Stotsenberg and Casino in Clark, about two hours north of the capital, Manila. At the time, DigiPlus said it had “no definitive plans” to proceed with the deal.
