Leisure and Resorts says share issue funding online, capex
Philippine gaming investor Leisure and Resorts World Corp stated in a Wednesday filing it would use the almost PHP2.1 billion (US$40.3 million) proceeds from a private placement of some currently-unissued shares, for things including “developing the company’s online platform aiming to provide its clients new and better gaming experience”.
The group added in its statement to the Philippine Stock Exchange – following up on its Tuesday news about the placement – that some of the money would be employed to “finance the operational and capital expenditures of the company, and to lower… the company’s overall debts by paying off” some of its loans.
Leisure and Resorts had previously been linked to a US$500-million casino plan for the Philippine holiday island of Boracay, which at the time was described as a partnership with Macau casino operator Galaxy Entertainment Group Ltd.
In February, the Philippine firm said the group’s newest gaming brand, BingoPlus, had done a soft launch for a product called “online traditional bingo”. The company said it was “the first online traditional bingo licensed” by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).
Wednesday’s statement said the bingo product had “quickly become a community favourite”.
The update said the private placement “signifies that Leisure and Resorts World Corp has strong growth potential, and continuous trust and support from our investors”.
It added: “The company’s chairman, Mr Eusebio Tanco, holds a positive outlook on the new developments and actively participated in the private placement as well.”
Latest News
G2E Asia 2023: Singapore
-
L&W building game content across 3 pillars: Ken Jolly Casino gaming content and hardware provider Light &... -
ETGs rapid growth segment in Asia: Interblock Michael Hu Electronic table games (ETGs) supplier Interblock dd is... -
GLI offering RNG test tools, cybersecurity demand growing Random number generator (RNG) testing tools are among the... -
Alfastreet’s new Verso cabinet heading to Asian markets Alfastreet, a manufacturer of electronic gaming machines,... -
Sega Sammy Creation growing land-based, eyes online Casino equipment maker Sega Sammy Creation Inc is tweaking... -
iGaming growing in Asia, ops tackling challenges: Uplatform The iGaming segment in Asia “has grown rapidly” since... -
‘See before you play’ slot marketing tool, say tech... Showing slot machine players – via animations on the... -
Macau stocks tied to China outlook: Bloomberg analyst Macau stocks in likelihood “have been punished too much... -
Investors still eye possible fresh IR locations in Japan:... There are foreign companies still interested in investing... -
Thai casino law possible in 2024, IR in 2030: govt adviser Thailand could pass the necessary enabling legislation for... -
China still ‘critical’ to Asian markets: G2E Asia panel China will remain a key market for Asian gaming... -
Much interest in state casinos sale, says Pagcor boss Alejandro Tengco (pictured in a file photo), chairman and... -
Gaming industry in for a very exciting period: Bill Miller There are “plenty of reasons” for the global gaming... -
IGT flags route to high-performing games for Asia Gaming equipment provider International Game Technology Plc... -
G2E Singapore trade show, conference begins today The Global Gaming Expo (G2E) Asia 2023 Special Edition:... -
Novomatic’s Black Edition II cabinets at G2E in Singapore Austria-based gaming equipment maker and operator Novomatic... -
Uplatform to show latest iGaming products at G2E Singapore Sports betting and online casino operating platform... -
L&W ambition to be No1 in Asia well on its way: SVP... The business performance in Asia of gaming content and... -
G2E Singapore expecting 6k visitors, 100+ exhibitors The organisers of Global Gaming Expo (G2E) Asia 2023... -
‘Dragon Unleashed’ slot link by L&W at G2E in... Gaming content and equipment supplier Light & Wonder... -
Sega Sammy Creation new multi-ETG at G2E in Singapore Casino equipment maker Sega Sammy Creation Inc is to... -
Aristocrat at G2E Asia in Singapore previews Year of Dragon Casino slot machine and digital gaming content provider... -
IGT ‘Prosperity’ link in Asia show debut G2E in... The Global Gaming Expo (G2E) Asia event in Singapore is the... -
Thai parliament adviser on casinos attending G2E Singapore An adviser to a Thailand parliamentary committee mulling...
Sign up to our FREE Newsletter
(Click here for more)
Most Popular
Macau GGR in June hit by seasonal slowdown: JP Morgan June 5, 2023 
Queen’s Wharf Brisbane opening delayed to April 2024 June 6, 2023 
China Politburo meeting key for any policy shift: UBS June 7, 2023
